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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