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Top 3 Retirement Plans For BusinessesBy Expert Author: Mark Dobson
On my recent business trip, I really had a quick conversation with few entrepreneurs, who were on a mission to take certain tax benefits and subsequently want to take care of their key employees.
Entrepreneurs are having a misconception that getting a 401(k) is the best retirement choice. But the fact is, there are quite a few different retirement options out there which are specifically designed for business.
If you are one of those business owners, looking for better options to satisfy organization’s particular needs, then let’s go over the essentials (discussed below) to make a great decision for your company!
401(k) Plans –
The traditional 401(k) Plan is the most widely known retirement products on the market today! Many organizations often prefer to pick this plan as a benefit to their employees to give them a better retirement saving option and a financial security for their future. 401(k) plan even offers higher contribution limits and allows employees to manage their tax situation and money over time.
SEP (IRA) Plans –
Simplified Employee Pensions or say, Individual Retirement Account is a retirement plan that offers similar contribution limit like 401(k). However, these plans do not feature everything involved in 401(k) plans, but these can give employees a long term benefits.
There are basically two types of IRA available, one is Traditional and other is Roth. In both of the cases, Traditional IRAs are considered as an easier plan, which is based on the participant’s account balance. Here, the contributor needs to be under 70 and half years old in the tax year and should possess a taxable income greater than the contribution. In this plan, withdrawing cannot be possible before the age of 59 and half.
However in Roth IRAs, there are no certain those restrictions. You can set up this at any age and can get tax free benefits from earnings if certain requirements are met properly.
403(b) Plans –
403(b) retirement Plans are for nonprofit organizations, where employees can get some additional support to reach their retirement goals. Unlike, other plans, 403(b) plans do not have same administrative difficulties. Here, your contributions are subject to universal availability, which means all employees must be able to make contributions.
So friends, these are the available plans, from which you need to pick one that meets your organization’s needs. So what are you waiting for then? Scoop on what you consider the best retirement plan and map your organization toward business growth along with your employees.
For more information about ING Retirement, fidelity netbenefits and 401k Fidelity Netbenefits visit retirekit.com
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