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Article Date:
March 2011


Word Count:
1347

 

 

The Best Small-Business Retirement Plans: Part 1


If you have procrastinated and not yet set up a tax-advantaged retirement plan for your business, you’re not alone.

 

Still, this is not a good situation.

 

You’re paying income taxes that could easily be avoided, and you’re not preparing for the future.

 

Don’t worry. You can set things right by establishing a retirement plan this year. But which type of plan is right for you?

 

Starting with this article (the first of a series), we will help you answer that question by explaining the best plans for single-owner and husband-wife businesses and how they work.

 

Retirement Plan Basics

 

Small-business retirement plans come in two basic varieties:

 

·

Defined contribution plans, which come in several different flavors

·

Defined benefit pension plans

 

Thus, the plan you choose defines either the contribution or the retirement benefit.

 

Defined Contribution Plan Basics

 

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