If you share this goal, setting up a small business retirement plan should be near the top of your list. You may be able to save tens of thousands of dollars each year, tax-free. For small business owners, choosing a retirement plan can be daunting. How do you find the best option? - ThreadSky

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thejilljames.bsky.social • 2 days ago

If you share this goal, setting up a small business retirement plan should be near the top of your list. You may be able to save tens of thousands of dollars each year, tax-free.

For small business owners, choosing a retirement plan can be daunting. How do you find the best option?

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thejilljames.bsky.social•2 days ago

First, how profitable are you? What’s your savings goal?

Second, what kind of tax benefits are you looking for? Third, do you have employees, or intend to hire soon?

thejilljames.bsky.social•2 days ago

Finally, what’s your appetite for fiduciary (financial) responsibility and administrative overhead? What kind of investment options do you want within your plan?

Your answers to these questions will help you determine what type of plan is right for you.

thejilljames.bsky.social•2 days ago

For example, if you’re not able to save more than the personal limit, then a personal Traditional or Roth IRA are often the place to start. Once you can save more, your company's profitability and your personal savings goals may help you decide whether a SIMPLE, SEP, or 401k is the right choice.

thejilljames.bsky.social•2 days ago

Check out my newly updated blog post, “Choosing a Small Business Retirement Plan,” for a deep dive into your options for building wealth.

https://thejilljames.com/choosing-a-small-business-retirement-plan/

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