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Follow on Google News | Retirement Plan Considerations for Small Business OwnersIf you're a small business owner, you might have questions about which retirement plan is best for your business.
By: Edward Jones When it's time to choose a retirement plan for your business, how do you know where to begin? Why not choose the company that does more than just show up at enrollment time and then disappear? We are there to help with plan facilitation for all of our clients. In addition, we provide education and administrative support to plan sponsors and all employees. It's important that people understand their retirement plan because to us, whether you have one or many employees, the plan you choose will only be a success if every participant reaches his or her retirement goal. Deciding which plan works best for your company is easier when you break it down into two categories - those with employees and those without. Companies with no employees If your business has no employees except your spouse, your choice depends upon these questions: How much do you need to save for retirement? And how much of a tax deduction would you like for this year? There are three plans that may meet your needs: • SEP IRA (https://www.edwardjones.com/ • Owner- • Owner- Companies with employees If you have employees, you face two key questions: How much can you contribute for yourself? And what is the appropriate amount to contribute for your employees? There are two basic choices: • SIMPLE IRA (https://www.edwardjones.com/ • Safe Harbor 401(k) Virtually all retirement plans offer three key features: Tax-deferred earnings When you invest in a "tax-qualified" Tax-deductible contributions Because you generally put "pre-tax" dollars into your retirement plan, your plan contributions will lower your adjusted gross income. As a result, you may lower your annual tax bill. A variety of investment options You can fund your retirement plan with an array of investments: Other options include: • 401(k) • 403(b) • 457(b) Your company plan, your way Once you've chosen the right retirement plan for your business, we'll be there to provide comprehensive education on retirement planning and investing - and to answer any questions or concerns you or your employees may have. We'll let you know when it's a good time to review your plan as well - and the plans of your employees if you have them. End
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