Small Business Retirement Plans

There are five types of Small Business Retirement Plans:

1. Simplified Employee Pensions

2. Simple IRAs

3. Solo and Family 401 (k) plans

4. Profit-sharing plans (self-employed keogh plans and corporate plans)

5, Defined Benefit Plans

The best plan will depend on some of these factors –

1. Amount of cash you can put away

2. Your age

3, Other Employees in your business,

I strongly recomment that you start putting money into your retirement plan as soon as possible.  This will allow you to accumulate more money when you retire as this money is growing tax-free.  In addition, the government is subsidizing your contribution by giving you a tax deduction in the year of your  contribution.

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