Choosing the right retirement plan can be just as challenging as choosing the right business entity. How much do you want to contribute for yourself? How much can you afford to contribute for your employees? If you're looking to save more than the annual limit for IRAs, you have four main choices...
Simplified Employee Pensions ("SEPs"), SIMPLE IRAs, 401ks, and defined benefit plans. SEPs are easy to set up and administer. But will a SEP be enough for your needs? SIMPLE IRAs are also easy to set up and administer. But will a SIMPLE let you contribute as much as you'd like? What about employee contributions? 401ks aren't just for "big business" anymore. Should you consider an "individual 401k" for yourself and your spouse? How much will a 401k cost if you have employees? 4 Defined benefit pension plans let you guarantee over $200,000 in annual retirement income. But defined benefit plans have required annual contributions, and they're harder to manage. Will the benefits make sense for you? We can guide you through the retirement plan jungle to choose the best plan for your unique needs.
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