Simple Retirement Plans For Small Businesses

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In fact, the DOL warns that in the near future, you may no longer have a choice.You complete an IRS form, and setup can be free, depending on the institution you select.Any advisor fees are charged to the employee, and larger contribution amounts are allowed on this type of IRA.The earnings deposited in a traditional IRA are tax free; deposits to a Roth IRA are made with earnings that have already been taxed.The withdrawals of principal or interest from a traditional IRA are taxed.Have you avoided retirement plans because of the large fees and time-consuming administration?If so, I’m happy to tell you that things have changed.This partnering enables the business owners to share the prohibitive costs and tedious administration of a retirement plan–making it affordable.It also helps the employer who is not knowledgeable about retirement plan options.In addition to the plans listed above, the IRS website also provides information about: 403(b) tax-sheltered annuity plans, Designated Roth accounts, and SARSEPs.The IRS publication contains a table that compares the features of common retirement options.


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