Gary W. Pelletier, CLU, ChFC, AIF®

Northeast Planning Associates, Inc.

Corporate, Estate

& Financial Planning

Which Retirement Plan Is Right for My Business?

| July 09, 2015

So many times we have heard our new entrepreneurial client’s share the ‘Hard Years’ stories that are usually wonderful gut wrenching uphill battles - with the world against them. It is the struggle of today and the preparation for tomorrow. But through it all, business owners dig their heels into the ground and try to beat the odds. It is the resilient spirit of the entrepreneur and dream of making this world a better place that keeps the midnight fuel burning.

We are lucky to live in New England and a thriving metropolis of innovative spirit. According to Business Insider, “Boston’s start-up scene is thriving.” Also, did you know that Boston ranks #2 by CNNMoney as one of ‘The most innovative cites in America’. The technology evolution, we are currently experiencing is not only in Silicon Valley, but right here, in our own backyard. One might say, we are living in a Golden Age of New England discovery.

Well, as businesses take shape, so does their corporate structure. Once the business moves from the spare bedroom to the rented office, things begin to happen. Employees are no longer college buddies and friends-of-friends, but applied and interviewed new hires. Those new employees are the life blood of the developing company. And they are going to want – benefits.

In our over 25 years, we have sat down with hundreds of new business owners, as they transistioned through growth stages. In terms of employee’s benefits, what we have noticed is; first companies begin to adopt paid Holidays, then health insurance, and lastly, the retirement plan. But one question, we hear regularly is “Which retirement plan is right for my business?” So, we would like to take a minute and share with you some of the retirement plan options:

We hope you found this infographic helpful and to the point. Selecting a retirement plan is a serious employer decision, which is why it is important to partner with a financial advisor that understands and can help you analyze which retirement plan is appropriate for your developing business.

Interested in more: Stay tuned and join us next time as we explore existing plan designs and how to best maximize your employer dollars.