The SECURE act has brought changes to how retirement accounts work, how they’re taxed and inherited. Pre-taxed money goes into traditional IRAs. Contributions + earnings are all taxable upon withdrawal. With SECURE Act changes and tax rates only expected to rise in the future due to massive budget deficits, there’s a big advantage to convert money over time from traditional to Roth IRAs. Once you pay the taxes at today’s lower rates, that money becomes tax free for the rest of your life. Also, it’s best for beneficiaries to inherit a Roth IRA vs. a traditional. If you have IRA money and can pay the tax, come up with a plan to steadily move the money over years. Exception: those who make more than $350k a year. Everyone else will see benefit from moving money to a Roth.
Business owners have the responsibility to treat employees well and let them know their voices are heard. Truth: Most employers aren’t very good at truly appreciating the people who work for them. But valuing employees is key to success. You treat employees well, they in turn treat the customers well – everybody wins. Lip service doesn’t count. Actions do. How do you let your workers know they’re truly valued? Interests have to be aligned. Employees need to understand how they benefit from the success of the business. A paycheck isn’t enough. Many workers now need to know that what they’re doing benefits society. If you as a worker feel you’re not valued and the workplace is unpleasant or the culture is corrosive, search the strong job market and find a place that really does value you.
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