Your small business is a big deal to us
That's why we take the time to truly understand every aspect of your business—including the dreams and aspirations that drive it. Wherever you see your business heading, look to BB&T for informed solutions to help you get there.
Choose the right retirement plan for your company and employees
Workplace retirement plans
Choose a retirement plan that helps your employees invest wisely and gives you an added layer of fiduciary protection
- Dedicated client service team
- Full service recordkeeping and state-of-the-art plan monitoring
- Fiduciary support
- Award-winning participant education and investment offerings
- Customized multi-channel participant communications
- User-friendly employer and employee websites
Defined benefit plans
Offer your employees peace of mind and security by providing a fixed monthly retirement benefit
- Fully funded by the employer
- Plan design consultation
- Full-service plan administration
- Guaranteed retirement income at no cost to the employee
- Portability of vested benefits for employees who change jobs
Combine pre-tax payroll contributions with the simplicity of an IRA to create an effective retirement plan for your employees
- Best for employers with 100 or fewer employees
- Employer contributions are tax-deductible
- Employee contributions are pre-tax
- Earnings grow tax deferred
- Simple to set up and administer
Get access to tax-deferred retirement savings plans that are easy to implement
- Best for a sole proprietor, a business owner in a partnership, or self-employed
- Easy and inexpensive to set up and maintain
- Contributions are tax-deductible for employers
- Earnings grow on a tax-deferred basis
- Employees may also contribute to a Traditional or Roth IRA
Retirement planning considerations for your small business
How do you decide when to invest in your retirement savings over your business? Here are some ways to help you make the best choices about retirement as a business owner.
Decide what you want your retirement to look like
What's your vision of retirement? Do you want to travel the world, or live near family and friends who you can visit regularly? Do you want to live where the action is—or far from it? Do you want to work part time to make extra money, or just simply live off your savings? Write down exactly what you plan to do in your future—don't leave anything out. That way, you can set goals to meet your vision.
Create a retirement plan that suits you
Once you determine what your retirement will look like, you should create a plan to get there. One of the best ways to do this is to meet with a trusted financial advisor. You'll work together to establish savings goals and even tax strategies to maximize deductions and reduce your personal and/or business taxes.
You should save in a variety of ways—don't put all your eggs in one basket. Consider investing in money market accounts, certificates of deposit and individual retirement accounts (IRAs). IRAs like the Simplified Employee Pension Plan (SEP) and the Savings Investment Match Plan (SIMPLE) are inexpensive to implement and provide tax advantages to help you save for retirement. This is where the expertise of a financial advisor will really come into play.
Start saving early
The sooner you start saving for retirement, the better. Decide on an amount you can contribute monthly and then consider it a required business expense (so you'll have no excuses for not saving). You may even consider setting up automatic contributions on certain days so that you never see the money in your regular business accounts. Once it becomes a habit, you won't think twice about using that money for anything else—plus, you'll have the peace of mind that you're proactively taking care of your future.
Plan to sell
When would you consider selling your business? Will you continue to be involved in the business after retirement? How old would you like to be when you retire? These are all questions you'll want to consider in selling your business.
Also, do you have someone in mind who may want to buy the business? If so, start the conversation early to find out if he or she is as interested in the business as you are. If they're not, consider how to find the best buyer for your business. Most importantly, make sure you prepare your business to operate without you—and train your staff accordingly.
You should also consider what you'll do if the financial environment adversely affects the value of your company. Will you work later into life or sell earlier while business is good? Make sure to plan for different contingencies so you don't find yourself in an unexpected situation.
Are you ready?
Whether or not you plan to retire from your business, it's a good idea to have a plan in place to protect your future—especially if something happens where you can't work anymore. Creating a retirement plan that diversifies your wealth will bring you peace of mind and allow you to focus on the business at hand.
Health insurance options for small businesses
Health insurance is something we all need but may not necessarily understand. What type of insurance you need and where to start in your search depends entirely on the type of business you own and how many employees you have.
If you're a sole proprietor, freelancer or independent contractor
You should consider purchasing an individual health insurance plan. You can research your options online or use a licensed insurance agent or broker to help find the right plan. Because you only need to shop for you and your family, finding the right policy may be easier than finding a policy for multiple employees.
If you have more than one employee
You're likely required to provide health insurance options (especially if you have more than 25 employees). You may want to use a licensed insurance agent or broker in this instance as you're not only shopping for you and your family but also for your employees.
However, if you have a good understanding of what you and your employees need (or want) in an insurance plan, you may go directly to the Small Business Health Options Program Marketplace or use a private health exchange (if available). You can review multiple policies online and offer different options to your employees. Then, they can select something that best meets their needs.
What you should look for in health insurance
The key to finding the right insurance for your employees is to understand their needs. Ask yourself the following questions to get started:
- How many dependents do my employees have?
- Do my employees travel often for business or personal reasons?
- Do my employees need low-cost prescription options?
- Is maternity care important?
PPOs and HMOs – Two common insurance types
Once you have a good picture of what you and your employees need, you can determine which type of insurance to purchase. The two most common health insurance plans available are the Preferred Provider Organization and the Health Management Organization. PPOs usually offer more flexibility with doctors, but they come at a higher price than HMOs.
Additional insurance options
You may also want to research whether a high-deductible health plan paired with a Health Savings Account is a viable option for you and your employees. This combination allows you and your employees to set aside tax-free dollars to use for health care. However, out-of-pocket costs may be much higher until the deductible is fulfilled.
Choosing a plan
The better the health care plan you can provide to your employees, the more competitive you'll be in today's job market. Employees care more about health care now than they may have in the past, so offering the right kind of insurance at the right premiums could give you the edge when you're recruiting new talent.
Take the time to compare prices and look at the entire scope of the insurance coverage. Read the fine print and make sure you completely understand the pros and cons of each plan you're considering. Then, choose the best option for your business and rest easy knowing you're covered.
Offer your employees easy-to-understand products, services and educational resources to help their financial wellness.
Flexible benefit plans
Offer enhanced benefits to your employees while saving on operational costs.