The Ultimate Guide 101: Retirement Plans for Small Business

The Ultimate Guide 101: Retirement Plans for Small Business

Why should you set up a retirement plan? The answer is: A retirement plan has lots of benefits for you, your company and your employees too. Retirement plans are specifically crafted which allows investing now itself in financial security when you and your employees retire. As an added bonus – by enrolling retirement plans, you and your employees get significant tax exemption advantages, Medicare, and incentives.

By choosing retirement plans, you can enjoy the benefits both as an employer and an employee.

Business benefits of choosing small business retirement plans include:

  • Tax deductions on employers contribution
  • Tax credits and other incentives for starting a plan may reduce costs
  • A retirement plan can attract and retain better employees, thus reducing new employee training costs
  • Flexible options that can be customized as per the client’s requirements

On the flip side, employee benefits also include:

  • Reduction of taxable income
  • Contributions are easy to make through payroll deductions
  • Saver’s credit is available
  • Employee has the opportunity to improve their financial security in retirement
  • Contributions and investment gains are not taxed until dispersed

What Are the First Steps to Learning and Setting Up a Retirement Plan?

If you’re looking to set up retirement plans for small business, then a good place to start is by contacting an experienced consultant who is more familiar with retirement plans or financial organizations that offers retirement plans.

How to Provide Retirement Benefits?

Have you decided to provide a retirement plan for your employees? Just have a look at the things listed below:

  • Conduct a survey among your employees where you ask questions about retirement plan benefits. If there is less response, then you might need to consider arranging a meeting with them and explain the importance of considering retirement plans.
  • Choose the best retirement plan for your small business with the help of an experienced consultant. Heartland Consulting Group manages a broad range of retirement plans and programs. They offer administration for traditional, SIMPLE and Safe Harbor 401(k) plans as well as 403(b), Section 457, profit sharing, money purchase pension, traditional defined benefit pension plans and cash-balance plans.
  • As you pick a provider, make sure whether they can provide the overall estimate of what your budget needs to be for contributions, matching, and administrative fees. Analyze everything and make an informed decision.
  • Now, you need to inform your employees about their plan features, and get their signatures on various supporting documents for compliance purposes.

The bottom line,

No matter what your age or stage, Heartland Consulting Group can help you to reach all your retirement goals. To know more, visit

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