Among the most valuable benefits you can offer your employees is the confidence of having a secure retirement. Offering retirement plans allows you and your employees to save for the future while minimizing your tax burden.

The right plan depends on factors such as the type of business entity, the number of employees, how much you can contribute, and as well as tax implications.

That’s why we’ve created a comparison of retirement plans for small businesses. It explains each plan’s basics and pros and cons for employees and owners.

Most Common Options 

Bottom Line
As with other financial decisions, retirement plans come with both advantages and disadvantages. The challenge is finding the one that is most beneficial for your business.

If none of these retirement plans meet your organization’s needs, you can always help your employees’ open and fund an Individual Retirement Account (IRAs), either Traditional or Roth. Although these accounts have lower contribution limits compared to employer-sponsored plans, they still offer a valuable opportunity for your employees to save for their future.

If you have any questions about which plan is right for you, we’re are happy to schedule a meeting to help determining the best option for your business needs.

George Maroudas, CFP®

George Maroudas, CFP®

Twitter @ChicagoAdvisor

Disclaimers / Sources

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for specific individualized tax advice.