Hello, dynamic entrepreneurs!
With the middle of September already here, there's more on the table than just the turn of seasons and the upcoming Q4. Let's discuss something that's fundamental for both your and your employees' future: Retirement Planning.
Why Now?
🍂 Safety Net: Pre-ordering comfort for your golden years.
🍂 Tax Perks: Keep more of your hard-earned money, and make it work for you!
🍂 Attract Top Talent: A solid retirement plan is your golden ticket.
And for those who have an existing plan and are contemplating a switch – this is the sign you've been waiting for!
Exploring Your Options:
- Deductible IRA:Pros: Contributions are tax-deductible, meaning you pay less tax now.Cons: There are limits on contribution amounts and deductions may be phased out based on income if you also are covered by a plan through your business.
- Solo 401(k):Pros: Allows for higher contributions and flexibility for business owners without full-time employees.Cons: Not suitable for businesses with non-spousal employees.
- Safe Harbor 401(k):Pros: Sidesteps some testing requirements of traditional 401(k)s, ensuring higher contributions from owners/highly compensated employees.Cons: Mandatory employer contributions.
- SEP IRA:Pros: Simplified setup and high contribution limits.Cons: Only the employer contributes, which can be a drawback for some employees.
- SIMPLE IRA:Pros: Easy to manage and allows both employee and employer contributions.Cons: Cannot change plan mid-year and lower contribution limits compared to some other options.
- Cash Balance Pension Plan:Pros: Great for older business owners looking to fast-track their retirement savings.Cons: It comes with a higher administrative responsibility and cost.
Don’t Forget! 📣
Considering a plan switch? Keep the timing in mind. Notices should hit your team’s inboxes 30 to 90 days before the year’s end. And for the new folks who jump aboard, keep them in the loop too!
Ready to Dive Deeper?
Navigating retirement options might feel like picking the best pumpkin in the patch. Overwhelming, right? If you've got retirement queries or any money matters on your mind, let’s chat.
🌟 Book a free 30-min consultation with me! 🌟
Your future comfort starts with decisions made today. Cheers to smart planning and warm lattes!
