{"id":2589,"date":"2019-03-31T11:29:20","date_gmt":"2019-03-31T15:29:20","guid":{"rendered":"http:\/\/www.atyourbusiness.com\/blog\/?p=2589"},"modified":"2019-03-31T11:29:47","modified_gmt":"2019-03-31T15:29:47","slug":"5-of-the-best-small-business-retirement-plans-your-employees-will-love","status":"publish","type":"post","link":"https:\/\/www.atyourbusiness.com\/blog\/5-of-the-best-small-business-retirement-plans-your-employees-will-love\/","title":{"rendered":"5 of the Best Small Business Retirement Plans Your Employees Will Love"},"content":{"rendered":"\n

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30% of the American population has less than $5000.00<\/a> sitting in their retirement account right now.<\/p>\n\n\n\n

That reality could lead to a severe economic meltdown when ill-prepared workers reach retirement age and don’t have enough money to stop working, forcing them to stay at their job until they physically can’t.<\/p>\n\n\n\n

As an employer, in order to keep your team feeling secure, you need to do what you can to make sure that your employees stay confident in their finances as they get older.<\/p>\n\n\n\n

The best way to do that is by providing solid retirement benefits.<\/p>\n\n\n\n

There are a handful of small business retirement plans that you can choose from, 5 of which we quickly outline below.<\/p>\n\n\n\n\n\n

1. Standard 401(k)<\/h2>\n\n\n\n

The most popular retirement plan offered by mainstream employers is the standard 401(k).<\/p>\n\n\n\n

With standard 401(k) plans, employees can set aside portions of their salary each month that they’ll be able to withdraw in retirement. These contributions are pre-tax.<\/p>\n\n\n\n

As an employer, you will have to file paperwork with the government to assure authorities that your plan complies with IRS best practices.<\/p>\n\n\n\n

2. MyRA<\/h2>\n\n\n\n

MyRA’s are a less popular small business plan that employers can take advantage of. In many ways, MyRA’s resemble Roth IRA’s but rather than investing in commodities like gold as is recommended by companies like Goldco<\/a>, all assets are invested in government bonds.<\/p>\n\n\n\n

MyRA’s are very easy to set up and do not require government reporting on your part.<\/p>\n\n\n\n

Note that only $15,000 worth of assets can build in a MyRA before the account needs to be converted to a ROTH IRA.<\/p>\n\n\n\n

3. Simple IRA<\/h2>\n\n\n\n

The Simple IRA is often referred to as a poor man’s 401(k) because it allows business owners to give employees many of the same benefits that a 401(k) comes with at a fraction of the cost.<\/p>\n\n\n\n

Simple IRAs do not require any administrative fees on the parts of employers. They also carry no filing requirements.<\/p>\n\n\n\n

The big downside with this small business retirement plans pick is that employers must match employee contributions up to 3% of their annual income.<\/p>\n\n\n\n

4. Safe Harbor 401(k)<\/h2>\n\n\n\n

This is the best small business retirement plan option for employers that have high-earning employees. It allows your team to circumvent many of the contribution limits that standard 401(k)s carry, which can bring down tax burdens and heighten retirement contributions.<\/p>\n\n\n\n

These plans are undoubtedly less flexible than standard 401(k)s, but they are also easier to manage and stay in compliance with from a business perspective.<\/p>\n\n\n\n

5. Defined Benefit Plans<\/h2>\n\n\n\n

Our final retirement plan for small businesses pick is what’s called a designated benefit plan. These plans are great for companies that have large cash flows they’d like to shelter from taxes.<\/p>\n\n\n\n

Many experts contend that money that’s injected into defined benefit plans can save up to 40% on taxes when compared to other options depending on .<\/p>\n\n\n\n

All designated benefits plans require reporting.<\/p>\n\n\n\n

Wrapping Up: The Best Small Business Retirement Plans<\/h2>\n\n\n\n

Your employees will love any one of the small business retirement plans that we’ve outlined above. Talk to your accountant and pick the plan that works best for your team and for your unique tax situation!<\/p>\n\n\n\n

For more information on all things business, on “At Your Business” today!<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

30% of the American population has less than $5000.00 sitting in their retirement account right now. That reality could lead to a severe economic meltdown when ill-prepared workers reach retirement age and don’t have enough money to stop working, forcing them to stay at their job until they physically can’t. As an employer, in order […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"_links":{"self":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/2589"}],"collection":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/comments?post=2589"}],"version-history":[{"count":1,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/2589\/revisions"}],"predecessor-version":[{"id":2591,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/posts\/2589\/revisions\/2591"}],"wp:attachment":[{"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/media?parent=2589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/categories?post=2589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.atyourbusiness.com\/blog\/wp-json\/wp\/v2\/tags?post=2589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}