New Options for Payday and Retirement Savings

Should you let employees choose when they’re paid? Are you looking for more options for your retirement account? Disruption is everywhere, even when it comes to how employees are made and where their money may be invested. In this episode, Forbes Councils member Jason Lee of DailyPay discusses new options for payroll, and Henry Yoshida of Rocket Dollar delves into possibilities for retirement benefits.

Key Takeaways

• Employees and employers both derive benefits when employees choose when they are paid. For employees, more choice allows flexibility in budgeting and paying bills. For employers, this benefit attracts new talent and builds loyalty with existing employees.
• Today’s labor market is tight, with a record low unemployment rate, so companies need ways to attract and retain the best talent — like offering immediate access to earned income. This benefit has proven to reduce turnover by 41% and almost double the applicant pool for some companies.
• In addition to stocks and bonds, there are now many alternative investment possibilities, such as direct real estate, small business investments, peer-to-peer lending, crowdfunding, cryptocurrency, and digital currencies. Incorporating these options allows true portfolio diversification.
• When the average American investor has easy and more affordable access to self-directed IRAs and self-directed solo 401Ks, they can invest the way that foundations and the very wealthy invest.