SEPs vs 401k Plans – 3 Factors For 3 Client Profiles - SEPs are simple to set up and maintain, require no annual filings or compliance testing, and reduce the need for extensive participant education, making them attractive for small employers without dedicated HR or benefits staff. However, some small businesses may find a 401k plan better suited to their goals, particularly when considering contribution allocation, maximum deductible contributions, and eligibility or vesting requirements.

How Small Businesses Can Help Employees Prepare for Retirement - Many people aspire to a comfortable retirement, and while employers often provide retirement savings plans, small business owners face challenges in establishing these plans due to time constraints, administrative work, costs, and compliance issues. To simplify the process of setting up retirement plans for employees, small business owners should consider three specific strategies that can facilitate employee savings for retirement.

How to Open a 401k for Your Small Business: A Step-by-Step Guide - 401k plans are essential for small businesses as they help attract and retain talent, provide tax advantages, and support employees' financial futures. Offering these plans enhances a company's competitive edge in the job market and promotes employee satisfaction and loyalty. Modern providers have simplified the setup process, making it easier for small businesses to implement 401k plans. This article explores the benefits of providing a 401k, outlines different plan types, and offers a step-by-step guide to establishing a plan. It also addresses costs and financial considerations associated with 401k plans, as well as common challenges that businesses may face and strategies to overcome them.

Solo 401k: The Ultimate Guide to Secure Your Retirement - Retirement planning has many options, but the Solo 401k stands out for self-employed individuals. Often overlooked, this retirement plan offers benefits tailored to solo entrepreneurs and freelancers. This guide explains the Solo 401k retirement plan, its benefits, complexities, and importance for your retirement.

Resources

A glossary retirement plan and investment terms available here.

Information on Small Business Plans

Starting a small business retirement savings plan can be easier than you think. Here are some resources on a varity of retirement plans available to the small business person.

Small Business Retirement Plan Options - 2024 - This 4-page chart compares the four common types of plan designs often utilized by small employers.

DOL's 401k Plans for Small Businesses

Choosing a Retirement Plan for Your Small Business -- In this piece you will find a chart outlining the advantages of each of the most popular types of IRA-based and defined contribution plans and an overview of a defined benefit plan.

Retirement Plans FAQs Regarding SEPs

FAQs Regarding SIMPLE IRA Plans

SEP Retirement Plans for Small Businesses

Simple IRA Plans for Small Businesses