For many people, their companies supply retirement plans as incentives for their employees, whether it’s a 401(k) or stock in the company. When you become the boss, the search for retirement plans can become looming. You just opened your small business, and retirement is the last thing on your mind.

However, searching for the ideal retirement plan for you and your business doesn’t have to be a headache. To make your search easier, here a few retirement plans you can start using today to help secure your future.

Traditional or Roth IRA

Traditional or Roth IRA (Individual Retirement Account) is perfect for those that are just starting their business, especially if you are a business owner that is leaving a company to start on their own. If your previous job included a 401(k), you could easily roll over those funds into an IRA account. This transition allows for more diverse investment options and is the best option for those who are self-employed or businesses with few employees.

Note: If you are rolling over your 401(k) into an IRA account, be sure to ask your 401(k) plan for a “direct rollover.” It helps to ensure that the company does not cut a check in your name and help you avoid having to pay the IRS for those funds.


A good option for businesses looking for a simple pension plan for their employees is a SEP-IRA or a Simplified Employee Pension Plan. What makes SEP-IRA particularly appealing for small business owners is the fact that you can set aside a large amount of money with little expense and time. A SEP-IRA is made of contributions from the employer alone for all employees, which are tax-deductible as a business expense. This plan does not require government filing and is also extremely flexible.

Simple 401(k)/Simple IRA

Simple IRAs and Simple 401(k)s are similar in set up. They are both easy to establish, allow both the employer and employee to contribute to the program, and are not limited by non-discrimination income tests. The real difference lies with the Simple 401(k), which allows loans to be taken out from the plan.

Solo 401(k)

A Solo 401(k) is another great option for self-employed business owners since it is exclusively for business owners without employees. It has a generous contribution limit and does not require the government filings until your assets reach $250,000. There are no income restrictions for this type of plan, either, which means that if you are a small business owner that is just starting, you don’t have to wait until you have significant income rolling in to start planning for retirement.

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