Small Business and Self Employed Retirement Plans
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One of the most common areas of confusion for business owners is retirement plans: should you offer one or not? On the one hand, a retirement plan can make you a more attractive employer and can also help you offset taxes. But on the other, it can cost the company money, require special administration and regulations, and there are a ton of options. So how do you figure out what makes the most sense?
Whether you are self-employed or the owner of a small business, we offer a wide range of retirement plans designed to meet your specific needs. If you want to talk through the possibilities for your company, let’s connect!
For some small business owners, the idea of establishing a retirement strategy evokes worries about complicated reporting and administration. If this sounds familiar, then you may want to consider whether a Simplified Employee Pension (SEP) plan may be right for you.
A Savings Incentive Match Plan for Employees (SIMPLE) IRA may be appealing for small business owners seeking a retirement plan with an employer match, but with minimal administration and contribution flexibility.
If you are looking for ways to offer competitive benefits to your employees, while also enjoying tax advantages that may be available to you as the employer - you may want to consider a 401(k) retirement plan.
Is a SEP IRA right for your business?
A Simplified Employees Pension (SEP) plan is a low-cost retirement plan for small businesses and self-employed individuals. This plan requires minimal administration, and offers a flexible contribution schedule. As the employer, you make discretionary, tax-deductible contributions directly into your and each eligible employees' IRAs.
The SEP earns the “simplified” in its name and stands as an attractive choice for business owners looking to maximize contributions while minimizing their administrative responsibilities. If you aim to keep administration easy and inexpensive, then a SEP IRA may be right for you. In addition, a SEP IRA offers higher contribution limits than other plan options, allowing you to maximize contributions for yourself.
Is a SIMPLE IRA right for your business?
A Savings Investment Match Plan for Employees (SIMPLE) IRA is a employer sponsored retirement plan available to small businesses with fewer than 100 employees. This plan is funded by both an optional employee salary deferral and a mandatory employer match. Contribution flexibility and administrative simplicity make it appealing to many small business owners.
When it comes to plan operation, a SIMPLE IRA is true to its name. Administration is relatively easy and IRS filings are not required. Contributions are deposited in an IRA.
Is a 401(k) right for your business?
We offer 401(k) plans that may be appropriate for businesses with 5 or more employees. This retirement strategy is primarily funded by the employee; the employer can choose to make additional contributions, including matching contributions. Our advisors will help plan sponsors select the 401(k) plan that is suitable for your business, provide administrative assistance in relation to changes in investment selections, help get everyone enrolled, and hold educational seminars for your employees.
Offering a good retirement plan can help you attract and retain qualified employees. A 401(k) plan may also help you and your employees enjoy tax advantages, such as tax-deductible employer contributions and tax-deferred growth potential.
This information was developed as a general guide to educate plan sponsors, but is not intended as authoritative guidance or tax or legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation. In no way does advisor assure that, by using the information provided, plan sponsor will be in compliance with ERISA regulations.