Let's face reality – we all need to save for retirement! For 2021, the average Social Security benefit is just over $1,500 per month, which means most Americans will need additional savings to come even close to maintaining their lifestyles. Unfortunately, too many people reaching retirement have no financial moat, forcing them to work beyond the normal retirement age or risk living below the federal poverty limits. 

All the more reason why an employer sponsored retirement plan is one of the most valuable and highly sought-after employee benefits. Having a 401(k) in place can help recruit quality employees, as well as increase employee satisfaction and retention. But simply offering a plan is just the first step. In order to offer a successful plan, here are some things every company should consider: