Choosing the right retirement plan just got easier! In this episode, Danielle Hayden highlights various retirement options available to business owners and provides insights to help you understand which plan best suits your business. She breaks down the pros and cons of each plan, diving into their tax benefits, contribution limits, and level of administrative work. Whether you're looking for a low-cost option or plans that don't require an employer match, this episode covers everything you need to know about retirement planning and picking the perfect plan for your business!
Key Takeaways:
Your business structure and financial goals are a key factor in choosing the right retirement plan.
Learn the importance of retirement planning and what options are available to small business owners and solopreneurs.
Discover which plans offer greater tax benefits, which will attract employees, and which are easier (and cheaper) to manage.
Consult with your CPA and financial advisor to make the best retirement decisions for your business and future.
Topics Discussed:
Defined benefit plans (1:47)
401k plans (4:47)
The Solo 401k plan (9:07)
Traditional and Roth IRA plans (11:18)
How to pick your ideal plan (13:42)
Resources:
Gusto 401K Retirement Plans for Small Business
Wellington Retirement Solutions, Inc.
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