Planning for retirement can be a complicated and overwhelming process. To better maximize the potential for success in retirement, it is essential for small business owners to understand the basics regarding the retirement options available. With this knowledge, small business owners can achieve maximum results and choose the right plan for their future. Many choices are available to include a SIMPLE or Savings Incentive Match Plan for Employees IRA, a SEP IRA or Simplified Employee Pension IRA, a Solo (Individual) 401k and a Defined Benefit Plan. The most popular plans are the SIMPLE IRA and Solo (Individual) 401k. The pros and cons of each plan are discussed below.
Oct 18, 2017
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