Before coming to 401GO, I asked our CEO Dan Beck, “What would make me feel good about working for you?”
Dan asked me to imagine a roofing company with employees that work on top of buildings 50 hours a week. If that company has an incentive to offer those workers a retirement plan with company-provided matching contributions, it may be the only avenue those workers have to produce a down payment for a home, or a cushion at the end of their working career.
That message resonates with me.
Finally! Retirement for Blue Collar Workers
Since joining the 401GO team about two years ago, I’ve worked with many different businesses, including a lot of dentists, medical clinics and tech startups. But more surprising are the number of home builders, HVAC, plumbing and electrical contractors, roofers, concrete and maintenance companies, etc., we’ve helped. Many of these owners previously believed a retirement plan would be out of reach for them, either because they’re too expensive or complicated. Many of them have small teams, and staff that feel like family.
I’m genuinely happy for the chiropractor who is able to offer their team a new 401(k) plan, but I get even more excited when workers with labor intensive jobs discover that they have access to this benefit. This is especially important to workers in construction related fields because their ability to effectively practice their trades often begins to diminish sooner than office workers – making retirement savings even more important to their family’s security.
One client in Idaho told me with a smile that he expects to be the only home builder within miles that offers a retirement benefit like this. It’s something he’s proud of and it does indeed make me feel good about my work.
Why Should Construction Trades Use 401(k)s
I ask small business owners what made them start shopping for a retirement plan, and I get four answers pretty consistently.
- Their CPA encouraged them to reduce their tax liability.
- They live in a state that has retirement mandates.
- It gives them a hiring advantage over their competitors.
- They want to do more to help their employees.
The tax credits that are available to small businesses today have put a good retirement benefit within reach. Tax credits even help offset the cost of matching contributions, so they can provide a 401(k) at little or no cost for the first few years.
Retirement Benefits for Your Small Business
This is why I love my job. I speak with business owners and administrators every day and help them see the potential in a good retirement plan, not only for themselves, but for their employees.
If you and your employees need a way to prepare for your golden years, I hope you’ll give us a call. The convenience and ease of a 401GO plan can put real retirement goals within reach.
