Employee Benefits Need Immediate Attention!

Social security deductions for American workers are not optional. About one-third of the private sector workforce, which includes roughly forty-two million Americans, work for small businesses that employ less than a hundred people. And unfortunately, about half of those small business employees don’t have optional access to the same quality work-based retirement plans as workers at large employers, according to the Bureau of Labor Statistics, while virtually all workers at large companies have access to some type of a low-cost, private retirement account. Reports from other agencies and organizations put the non-offered percentage even higher.

Two out of every three jobs created nationally come from the small business sector. In spite of their importance, contribution, and consistency, they’ve been relegated to the role of a cloistered stepsister. A recent Pew survey determined that 71% of small and medium-sized businesses that do not offer private retirement plans sited “cost” as the primary reason. Due to this fact, only 14% of small business employers currently offer a private retirement plan to their employees, designed to help these workers save for their future, according to the Government Accountability Office.

Establishing and maintaining a 401(k) for small businesses has proven to be far too onerous and costly. President Trump has issued an executive order directing his administration to identify policies that would assist small and medium-sized businesses to sponsor private workplace retirement plans by coming together as a group or association of employers, so they could leverage economies of scale giving small-business employees access to the same quality of private plans available to workers at larger companies. Such plans might feature diversified investment options, quality reporting, and opt-out enrollment. Leveling this playing field is critical to middle-class empowerment, because without access to such plans this group of hard-working Americans will, at best be ill-prepared for retirement, or at worst will suffer real hardship without adequate savings.

Such plans have been discussed ad nauseum. It’s time to assist small businesses instead of telling them to chip in and take another one for the team. Members of both major political parties, the financial services industry, AARP, and the U.S. Chamber of Commerce all support removal of existing and identified constraints. Private retirement plans are straight-forward, proven vehicles, which have been successfully utilized by millions of Americans. We don’t need to reinvent the wheel, just make it equally available to all of the working class. A Gold IRA can help diversify a retirement portfolio. Call American Bullion, the Gold IRA Pioneers, at (800) 653-4653 for assistance. The stock market is shaky, diversification is more important than ever, and American Bullion is here to help.