Retirement Planning for Small Businesses

As the owner of a small business the task of setting up a retirement savings plan for your business is likely to fall on you. Which plan you choose will depend on a myriad of factors including but not limited to:

  • The size of your business
  • How your business is structured
  • How much money you think you can afford to put aside

If you are self-employed you will be considered both employer and employee.

EIM does not give advice on these matters directly. However, we have affiliated CPAs, lawyers and financial advisors who provide information to our members on this issue and who are available by going to their profile and contacting them.

6 basic types of small business retirement plans to consider

  • MyRA — the federal government plan that invests in government bonds
  • Simplified Employee Pension Plan, or SEP-IRA
  • Savings Incentive Match Plan for Employees — SIMPLE IRA
  • Savings Incentive Match Plan for Employees — SIMPLE 401(k)
  • One-participant or solo 401(k) plan
  • Defined-benefit plan

Stay connected with EIM updates