The Impact of Retirement Planning on Employee Retention in the Construction Industry
The construction industry has long battled high turnover, driven by project-based schedules, seasonal work, and competition for skilled labor. While competitive pay, steady hours, and strong safety practices remain essential, many construction companies are discovering another powerful, and often underused, retention tool: a well-designed retirement plan supported by clear, ongoing education. When retirement planning is […]
Creating a Customized 401(k) Education Program for Your Construction Team
Construction companies invest heavily in safety, equipment, and workforce development, but long-term financial security is often overlooked. With high turnover, seasonal schedules, and variable wages, construction workers face unique obstacles when saving for retirement. A well-designed 401(k) education program can bridge that gap, helping employees understand their benefits, build confidence, and take meaningful steps toward […]
How Construction Business Owners Can Use Their 401(k) Plan as a Tool for Tax Savings
Running a construction business comes with its fair share of financial challenges, tight margins, unpredictable project timelines, and fluctuating labor costs. But one area where business owners have significant control is how they structure their retirement plan. A well-designed 401(k) plan can serve not only as a powerful employee benefit but also as a strategic […]
Why Construction Companies Should Offer a 401(k) Plan: Benefits Beyond Retirement Savings
In today’s competitive construction industry, attracting and retaining skilled workers has become a challenge. With a shrinking labor pool, rising project demands, and the physical nature of construction work, companies need every advantage to stand out as employers of choice. One of the most effective ways to do that? Offer a strong 401(k) plan. While […]
The Importance of Employee Education: Helping Your Construction Workforce Plan for Retirement
Retirement planning can feel like a distant concern when you’re working long hours on a job site. For construction workers, the demands of the trade irregular schedule, seasonal work, and the physical intensity of the job make it easy to put off thinking about financial security down the road. But here’s the reality: without the […]
Maximizing Your Construction Company’s 401(k) Plan: Best Practices for Employers
In the construction industry, attracting and retaining skilled workers is no easy task. Between high turnover, seasonal employment, and the need to remain competitive in a tight labor market, providing meaningful benefits can make all the difference. A well-structured 401(k) plan is one of the most powerful tools a construction company can use to invest […]
Top 5 Common Mistakes Construction Workers Make with Their 401(k) and How to Avoid Them
Construction workers have to deal with complicated physical and intellectual demands. As a result, they may overlook the importance of long-term financial planning, especially when it comes to retirement and their 401(k). Even though this is an understandable oversight, it can result in major financial setbacks. To make it easier for construction workers to secure […]
Assisting a Construction Engineering Firm to Maximize Tax Savings with a Cash Balance Plan
Entering his 35th year of business and approaching retirement, the owner of a construction engineering firm recently approached our team. This owner was running a successful business but was facing significant tax burdens and wanted to explore options allowing him to minimize taxes. In this case study, we’ll explain how we used a Cash Balance […]
The Role of Financial Advisors in Helping Your Construction Workers Plan for Retirement
Construction workers are the backbone of our community, building and maintaining essential infrastructures. After decades of dedication and service, they have earned a much-deserved rest in retirement. With the right financial advisors, you can offer your construction workers a plan that gives them enough income to put their feet up for a well-earned retirement. Here […]
How to Handle 401(k) Administration for a Growing Construction Company
In the construction business, growth periods come with challenges. For instance, 401(k) plans and other benefits fuel the retention and recruiting goals that sustain growth. However, that same growth makes administering benefit programs all the more complicated. Still, adapting to challenges is just par for the course. Like anything else in the business, successful 401(k) […]
Using a Deferred Compensation Plan to Help a Construction Firm with Talent Retention
Retaining top talent in the construction industry has always been the key to long-term success. However, in today’s competitive market, lucrative offers are enticing construction professionals to switch companies. Competitors might seek out your top performers, offering higher salaries or attractive retirement benefits. Recently, Twelve Points worked with a mid-sized construction supplier to solve this […]