A few retirement plans are specifically designed to help small business owners. The most used are SEP-IRAs, solo 401(k) plans, and cash balance pension plans. Each has its pros and cons.

The most common retirement plans are defined contribution plans, where the contribution amount is defined but the benefit is not.

Two retirement plan options for employees of small businesses are the simplified employee pension (SEP) IRA and the solo 401(k)— both of which are tax-deferred plans. With a SEP IRA, individuals ...

Local financial advisors are in the best position to help these small business owners implement the right retirement plan that best fits their needs, budgets and goals. Solo 401(k)s and SEP IRAs ...

IRAs offer an easy, low-cost retirement plan option for employees of small businesses. Small business 401(k)s allow employer matching and immediate employee vesting. Defined-benefit plans provide ...

Small business owners now have a range of options depending on the number of employees, ... Related: Solo 401(k)s, SIMPLE IRAs and SEP IRAs: Choosing the right plan for a small business.

How Employer Plans Benefit Small Businesses. Between 69% and 96% ... Even a business with one employee can set up and maintain a qualified plan, a SEP IRA, or a Simple IRA. Cost.

Yet for the small businesses with no retirement plans, Morrissette believes there is still “an opportunity” to expand. Fidelity recommends Self-employed 401(k)s, SEP IRAs, SIMPLE IRAs, and ...

Ascensus has signed a deal to acquire Vanguard’s Individual 401(k), Multiple Participant SEP and SIMPLE IRA Plans division. The acquisition is projected to finalize in the third quarter of 2024; the ...

This guide explains how self-employed people can make Roth IRA contributions to save for their retirement. ... With small business 401(k) plans, you can salary-defer up to $23,000. If you are over 50, ...