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The best retirement plan for a small business depends on many factors,including the profitability of the company, its future outlook, the liquidity of its assets, and the amount of funds available to be invested for future use.
An experienced financial planner will be the ideal person to discuss and review your options, and make a recommendation that will provide future retirement income.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Which retirement plan is best for small business? Personally, I like the SIMPLE retirement plan for use with small business. Why? because it's SIMPLE! This IRS created plan is one of the most inexpensive plans out there for a small business. For the business owner the rules are simple and clear. NO testing, no ERISA plan math nonsense, no per head fees for all employees (including those that don't participate), in other words if you follow the IRS guidelines you save about $3k to $5k a year in administration fees.
A simple involves matching (3% a minimum of 3 out of every 5 years or 1% for those two years) employees who participate in the plan. While this may seem like a lot of money for a match. Think of it this way. You are rewarding your employees who stay with you, rather than a bunch of guys downtown who administer plans.
Look closer into these retirement plans. They are easy to establish, easy to administer and extremely inexpensive to run.
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An experienced financial planner will be the ideal person to discuss and review your options, and make a recommendation that will provide future retirement income.
A simple involves matching (3% a minimum of 3 out of every 5 years or 1% for those two years) employees who participate in the plan. While this may seem like a lot of money for a match. Think of it this way. You are rewarding your employees who stay with you, rather than a bunch of guys downtown who administer plans.
Look closer into these retirement plans. They are easy to establish, easy to administer and extremely inexpensive to run.