Small businesses often implement retirement plans to fund the business owner and employees' retirements, save on taxes, and/or retain key employees. Like building a comprehensive financial plan, you must sit down and discuss your goals for a retirement plan and work with a professional to design a plan that matches your objectives. The small business retirement plan universe can be complex and requires patience and focus in order to have a positive experience.
Here are some examples of small business retirement plans:
- SEP (Simplified Employee Pensions) IRA
- SIMPLE (Savings Incentive Match Plans for Employees of Small Employers) IRA
- Solo 401k
- Pension Plan
- Defined Benefit
- Cash Balance
Some of these plans can even be combined to increase your savings opportunities. Successful plans are properly designed and communicated to the business owner and his/her employees.
For additional information on building the right retirement plan, please contact us today.