Many businesses offer their employees retirement saving benefits, like simple IRA’s or a 401(k)’s. These retirement plans should be reviewed periodically to ensure they are competitive and up to date.
Like many other small businesses, your company may be considering or reviewing the various retirement plan options currently available. The retirement plan world changes all the time. Employer-Sponsored programs have become a key component of an individual’s retirement standard of living. They are also an increasingly important tool for attracting and retaining high-quality employees.
If you have not reviewed your qualified plan in a while now may be the time to do so.
Besides helping to save for the future, retirement plans help business owners make the most of their business’s assets. Such benefits may include:
Some Plan Options Include:
– Defined Benefit Plans
– Defined Contribution Plans
– Rollover Individual Retirement Accounts
– Simplified Employee Pension
– Profit-Sharing Plans
– Simple IRA’s (Individual Retirement Accounts)
EMPLOYER GOALS FOR A RETIREMENT PLAN
Retirement plan goals generally fall into one of two groups:
Employers who want to set up a retirement plan primarily because they want to create a tax-advantage savings vehicle for themselves and thus want to allocate the greatest possible part of the contribution to the owners.
Employers who want to offer a retirement plan for employees as part of a competitive benefits package.
There are many plan choices, which allows each company to establish its own goals and design the plan that most efficiently helps them meet their goals. Companies should also revisit those objectives periodically. Each type of plan has different advantages and disadvantages and in order to pick the most appropriate fit, you need to stay current and up to date in qualified plan technology and plan designs. Once you have an idea of what your motives are, you are in a better position to weigh the alternatives and make the right choice, whether that is providing Simple IRA’s or a more comprehensive plan.
For knowledgeable answers to your questions about simple IRA’s, profit sharing plans and other retirement plan options, contact Niche Financial Services at (610) 941-6900.