By Stephen Abramson, ChFC, CLU, CPC
Considering the variety of retirement plans available—401(k), profit sharing, defined benefit, SEP, and SIMPLE IRA, to name a few—how do you determine which plan is best for you?
Let’s consider the approach below to help you go down the proper path.
Most Important Question
The first and most important question to answer is about your budget. All things being equal, how much would you like to contribute annually?
If you have no employees, the answer to that question applies only to the contribution for you.
If you have employees, what is the total budget for the plan, including the employees? And then there’s the follow-up question: How much of that contribution is ... Log in to view full article.