Starting a retirement savings plan can be easier than most business owners think. What’s more, there are a number of retirement programs that provide tax advantages to both employers and employees.
It is estimated that 70% to 90% percent of pre-retirement income is needed to maintain someone’s current standard of living when they stop working. A retirement savings plan allows you and your employees to save for the future. Retirement plans may also help you attract and retain qualified employees, and can offer tax benefits to your business.
Retirement plans have significant tax advantages:
Retirement plans can be IRA based, or qualified profit-sharing plans like 401K’s. The right plan for your business will depend on your company's goals, needs, and budget. In addition to advising employers on the plan that is most appropriate for them, we also work with individual employees to help them determine the best way to allocate their funds.
*To learn more about other strategies for your business, please visit our "Articles" section and view the topic "Business Planning".
"SIMPLE-IRA" plans are a great low cost option for business owners. To see how one can help your business, watch the video below from American Funds. (Takes you to YouTube)
2017 Contribution Limit to a SIMPLE IRA Plan is $12,500 ($15,500 for employees age 50 and older).
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