Providing a retirement plan for your business can be beneficial to both you as an owner and your employees. With the move away from pension plans many individuals will be relying more heavily on their own savings to provide income during retirement. One of the best tools we have to create retirement savings is a plan through their employer.
If you are considering creating a retirement plan for your small business you have several options. Below will be a discussion about a few of those options. This is not an exhaustive list and there may be some plan types that will benefit you more than another. Prior to implementing a plan you should consult with a seasoned professional (financial advisor and tax advisor) who can help you select the plan that will best fit your small business. The contribution limits and tax deductions can vary from plan to plan and year to year. So, it is advised to work with a trusted advisor.Read More