Common Retirement Plans For Small Business Owners
As a business owner you have many options when establishing retirement plans. Several key factors, specific to each client’s unique situation, must be considered in order to select the appropriate plan or combination of plans.
To help differentiate between the most commonly adopted retirement plans, we have created this chart. You can use this guide when comparing plan options.
- Maximizing retirement savings
- Incentivizing employees
- Managing costs and administrative complexity
- Optimizing income tax planning
Thank you for the info, Joseph! To recruit and retain talent, most small businesses include retirement plans in their compensation packages. Most small businesses are inclined towards IRA. However, before deciding on a plan, whether it is a 401(k) or an IRA, it is best to examine the possibilities and choose the one with the best cost and investment options.