We work with business owners every day, and one thing we are always surprised to hear is that they don’t have a retirement plan for their company. Why? Because they think their business is too small, it’s too expensive or it’s too much work to implement and administer a plan. That may have been true once upon time, but today there are so many retirement plan options for employers — whether they have one employee or a thousand employees.
- Simplified Employee Pension Plan, or SEP-IRA
- Savings Incentive Match Plan for Employees (SIMPLE IRA)
- Self-employed 401(k) plan, for small business owners
- Traditional 401(k) for larger companies
The first three options tend to make the most sense for smaller companies, with traditional 401(k) and profit sharing plans for larger employer-sponsored retirement plans. Regardless of your company’s size, a retirement plan makes sense – not only do you have the opportunity to provide your employees, and yourself, with much needed retirement savings, but you will also get tax benefits from having such a plan.
Want to learn more? Give us a call now at 206-386-5455. We’d be happy to explain the options to you and to guide you through the process of choosing a plan that’s right for your business!
To your wealth and success,
Joe Maas, CFA, AVA, CFP®, ChFC, CLU®, MSFS, CCIM
President of Synergetic Finance