Small Business Retirement Plans
Big Plans for a Small Business
Just because you manage or work for a small business doesn’t mean you’re not entitled to the same benefits as everyone else. Running a small business is a lot of work and when it’s all said and done, you’re going to want rest with your feet kicked up. One of the best ways to guarantee this future is by investing in a small business retirement plan. There are a variety of retirement plans for small business owners but one thing remains the same: the goal of establishing a secure financial future after retirement. Whether you’re looking into a 401K or an IRA, Sure Trust can assist you in finding a plan that provide with enough financial stability for a comfortable retirement.
Small Business Retirement Plans Include:
Simplified Employee Pension (SEP) Plan
A simplified employee pension plan is a type of IRA (individual retirement account). Contributions are made by the employee and in some circumstances the employer. Unlike a 401K, a SEP is more of a savings account than an investment.
A self-employed 401K is specifically made for business owners that have no other employer (for the exception of a spouse earns income from the business). Similar to a traditional 401K, contributions made are placed into an account and left tax-deferred until they are withdrawn.
This is an employer-provided plan that allows employees to save money in a tax-deferred account. Unlike a simplified employee pension, it is not mandatory for employees to make regular contribution to their IRA account.
Questions to consider Include:
- How big is My Small Business?
- How Many Employees Do I Have?
- How much do They Make?
- When Do I Plan on Retiring?
For additional questions don’t hesitate to speak with a Sure Trust Insurance Broker today!