In this post, we focus on retirement plans for new businesses and the importance of a well-conceived design. As a business owner, you had to take a chance – actually a leap of faith. You left your 9 to 5 job and started out on your own, where, if you are like most new business owners, the hours look more like 5 to 9.
In the time it took to get from “spare room” to rented office, you might have spent every penny trying to keep the lights on, the bills paid, and your clients happy. But what about you? How are you saving for the future?
Now is the time to ask these pertinent questions. A company sponsored retirement plan could offer you a flexible way to ramp-up your retirement savings accounts. But, do you know how?
Let’s take a look at different plan design options together and how you can both increase your retirement savings account, take a company tax deduction, and help your employees – all in one!
For our Self-Employment Retirement Plan Maximum Contribution calculator: click here.
As an employer, a retirement plan is a valuable employee benefit and retention tool for attracting, retaining, and keeping quality employees. But, buyer beware, it can be a lot of work. No one tells you, walking into the retirement plan industry, how much manual time, labor, and energy it is going to take to manage a retirement plan. But this too, is worth it.
While this is for informational purposes only, we would like to stress that plan design is a complex topic and how important it is to have the right partners on your team. If you are interested in learning more about taking advantage of one of these plan design options, we are here to help.