Pick a Retirement Plan

Money Magazine in the Octber issuehad a short article by Mina Kimes. She talks about the diferent options for small business retirement plans. She ranked them from the simplest and least expensive to the most complicasted and most expensive plans. Her ranking starting from the simplest first. 1 SEP-IRA Simplified Employee Pension, 2 SIMPLE IRA Saving Incentive Match Plan, 3 Solo 401K Plan, 4 Traditional 401K Plan, 5 Defined benefit Plan. She also left of two more versions The ROTH Solo 401 K Plan option and the ROTH 401K Plan for multi-employee companies. All seven of these options have their own individual advantages for a business owner. For example the largest ammount you can set aside is with a defined benefit plan and the least expeensive plan to set up is the SEP-IRA.They also have their own downsides. SIMPLE plans are the most limited in the amount you can shelter, and the 401 K Plans, and defined Benefit plans are the most expensive to run administratively.

Polaris Financial has Saving vehicles that work with each of these plan options and has plan administrators set up to do the federal paperwork for your business. We also offer very cost effectiive administration of your plans. In addition we work with you to determine which plan is the best for your particular situation.

How can we help you?

www.columbusfinancialplanningpros.com