Retirement plans for small businesses
Why have a small-business retirement plan?
Basically, there are 4 types of retirement plans that small-business owners might consider:
- Simplified Employee Pension Plan (SEP IRA)
- Savings Incentive Match Plan for Employees (SIMPLE IRA)
- Self-Employed 401(k) plan
- 401(k) plan (better for larger companies given setup costs, administration, fiduciary responsibilities, etc.)
Here are 3 very compelling reasons:
- Your plan not only helps secure your future—it may be the primary way your employees can help secure theirs.
- Offering a plan helps make your business competitive when it comes to attracting and keeping good employees.
- There are potential tax benefits to offering a plan, because plan contributions for the business owner are deductible as a business expense.
Contact us to learn more about the right insurance for you.