Small Business Owner Retirement Plans | Charles Carroll USA


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There are many retirement plan options for small businesses. At Charles Carroll Financial Partners, we can assist you in choosing which one will work best for your company.

What retirement plans are available for small businesses?

SEP IRAs

SEP IRA stands for Simplified Employee Pension Individual Retirement Account. Unlike a 401(k) plan, with a SEP IRA all of the contributions are made by the employer. SEP IRAs are a good option because they are extremely straightforward to set up and operate, and can be used by most businesses, including the self-employed.

401(k)

The 401(k) plan is the most popular option on the market. A 401(k) plan allows management and employees to make regular tax-deferred contributions to individual accounts throughout their careers. They offer flexibility, are tax-favourable, and have high contribution limits.

Cash Balance Plans

If you are a professional, small business owner, or self-employed, and your business is profitable, it will be to your advantage to look into these plans. Unlike 401K plans, the deferral contribution can be significantly larger for participants. Couple the plan with a vesting schedule and the value of a Cash Balance Plan to business owners and professionals could outpace any other retirement savings vehicle.

To determine which of the different retirement plan options is best for your business, we’ll assess your business, including your company’s workforce, financial position, and future goals and then work with our third party administrator to develop the options that will best meet your short-term and long-term needs.
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Our experience has shown us that using our outside partners is the most effective way to assess the benefits, and to assist the business owner in understanding the cost of implementation and maintenance of the plan.

Most businesses do not go far enough in evaluating the potential benefits to the owners of the firm in establishing a company sponsored plan. Too often the decision not to implement a company retirement plan is made on incomplete information. By working with your CPA or accounting firm and our expert financial planners, you will have the information necessary to understand what opportunities are available and what the retirement benefits will be for employees and owners.

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