Business Retirement Planning

business retirement shown with some arrows and post-its

Planning for Your Future

As a business owner, retirement planning has multiple facets. Creating a retirement plan where you personally preserve assets for future use is typically the first step. As your business grows and your team expands, offering retirement plans serves as a way to retain employees and attract quality talent. The ARR & Co team has deep experience in helping all types of clients with their business’ retirement planning — from Simple IRAs to 401(k)s to Defined Contribution Plans.

Plans to Suit Your Business Needs

The ultimate goal of business retirement planning is the long-term accumulation of wealth by utilizing available savings vehicles like 401(k)s and IRAs. There’s no one-size-fits-all solution, as options vary based on business size, structure, and administrative needs. At ARR& Co our goal is to advise you on all available options, crunch the numbers, and help you find the best solution for your particular retirement income needs and goals. Our guidance doesn’t stop there. Once we’ve found the right business retirement plan, we’ll help you navigate the set-up, administrative oversight, and tax compliance. For simple plans, there are annual filings with corresponding plan documentation. For more complex retirement options, your plan administrator will coordinate the appropriate documentation.

Retirement Plan Options

Regardless of your retirement time horizon, now is the time to start planning. We’ll guide you on the savings structure and options that best fit your individual and business’ needs.

Savings Incentive Match Plan for Employees (SIMPLES)

Ideal as a start-up retirement plan for small employers with fewer than 100 employees that don’t already sponsor a retirement plan. A SIMPLE IRA plan allows employers to set aside money in retirement accounts without the expensive set-up and operating costs of a conventional retirement plan. Employees benefit from employer-matched contributions up to 3% along with their salary-deferral contributions.

Simplified Employee Pension Plan (SEP)

Owner-only businesses with a few employees can set aside money in retirement accounts for themselves. It enables individuals to contribute up to 25% of their pay into a traditional IRA account. Similar to the SIMPLES, SEPs are easy to set up and have low administrative costs.

One Participant 401(k) Plan

Also known as a Uni-k, Individual, or Solo 401(k)s, this business retirement plan enables a business owner with no employees (or a spouse that’s an employee) to contribute to a 401(k). This option offers potentially higher annual contribution limits that may include elective deferrals of up to 100% of compensation.

Traditional 401(k)s

If your business has a larger team, a traditional 401(k) plan offers more flexibility and larger contribution amounts. These plays typically offer employer matching of employee contributions. 401(k)s can include a) traditional, tax-deferred contributions and 2) Roth IRAs which tax contributions upfront and the accumulate tax-free.

Defined Benefit Plans

Also known as a traditional pension plan, a Defined Benefit plan guarantees a specific retirement benefit amount for each participant. The retirement benefit is calculated based upon an employee’s salary and years of service.

Defined Contribution Plans

Geared toward higher-income employees like your executive team, Defined Contribution Plans are an attractive retention strategy. They provide the ability for these high-earning individuals to save more toward retirement. While the employer doesn’t match these contributions, these benefit plans typically have more expensive administrative fees as the plan is managed by actuarial companies with plan administrators.

On Call Advisory Services

Do you have the necessary checks and balances in place for your retirement contributions? What business retirement plan is best for your business? What are the best financial vehicles to accumulate wealth for the long term? These are just some of the questions we can answer for you. Benefit from our 30+ years of experience to get the answers to what you need exactly when you need them.

Business CPA Services Start with a 30 Minute Consultation

 

“We have been a client  for a number of years and have used them to prepare our personal, business and rental property returns. We love the personal service, friendly office and the fact that they are proactive. We have used large and mid sized firms in the past and have found that Adam is much more thorough and caught many errors previously made by the larger firms. We would highly recommend this accounting firm.” 

~ Anna M. 

“I have been a client of Adams for over 10 years. The firm handles the accounting for 2 of my businesses as well as my personal return.  Over the years I have referred several people to Adam, all of them giving rave reviews to Adam and his team.”

~ Andrew N. 

“A+ Service. As a new business owner, I was a bit clueless and frustrated dealing with taxes. Rosenberg made everything simple and put me on the right path to success. Life’s good!”

~ Jessie O.