Three Retirement Plan Options for Small Businesses

September 22, 2017 9:21 AM
By Brian Dobbis
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Consider the choice, flexibility, and costs of SIMPLE IRAs, SEP IRAs, and 401(k)s.

THE ROAD TO RETIREMENT with BRIAN DOBBIS

Small businesses often have been touted as the engine driving the American economy. How well they understand ways to save more for retirement and lower taxes is another matter. But starting a plan is easier than many business owners are aware.  

Small-business owners who want to establish retirement savings plans for themselves and their workers have several options, including SEP IRA, SIMPLE IRA, and 401(k). Which one is right for you? Two things to consider are flexibility and affordability.

Of course, much depends on company size, employee demographics, plan objectives, and employers’ goals, among other things. So, with that in mind, I’ve compiled a table that highlights the features of three of the most popular retirement programs mentioned above. (Feel free to contact me if you have any questions or comments.) 

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