Retirement Plan Options for Small Businesses

According to the US Small Business Administration, small businesses employ half of all private sector employees in the United States. However, a majority of small businesses do not offer their workers retirement savings benefits. If you’re like many other small business owners in the United States, you may be considering the various retirement plan options available…

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A Good Old Fashioned IRA Contribution

Most families and small business owners are still unaware on exactly how the rules work when it comes to contributing to a traditional IRA account. So here are a few facts you should know about these accounts almost forty years into the making.
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Retirement Plans for the Small Business Owner: The SEP Plan

Simplified Employee Pension (SEP) plans can provide a significant source of income at retirement by allowing employers to set aside money in retirement accounts for themselves and their employees. A SEP does not have the start-up and operating costs of a conventional retirement plan and allows for a contribution of up to 25 percent of each employee’s pay.
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Retirement Plans for the Small Business Owner: The Solo 401k

Self-Employed individuals and owner-only (and the owner’s spouse) businesses and partnerships can save more for retirement through a 401(k) plan. The Self-Employed 401(k) allows you to take advantage of this increased retirement and tax savings opportunity with a full range of investment options.
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Retirement Plans for the Small Business Owner: The SIMPLE Plan

Since there are so many people setting up individual LLC’s or home based side businesses, you need to keep a close eye out this time of year for setting up one kind of retirement plan, a SIMPLE IRA. The deadlines are just around the corner in the next few weeks, so could this be the right type of retirement plan for you?
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