Small Business Retirement Plans can be broken down into 2 main groups when evaluating the various options.
Many independent contractors, entrepreneurs, self employed individuals and small business owners are in business for themselves and have no W-2 employees or have a spouse as their only W-2 employee. Self employed business owners who fit this profile typically select the Individual 401k, SEP IRA, Defined Benefit Plan or Simple IRA.Learn More
When a small business owner has W-2 employees (other than themselves or a spouse) who work more than 1,000 hours they are not eligible for an Individual 401k. Small business owners who have W-2 employees may be required to make contributions on behalf of their employees. Small business owners who have full time W-2 employees typically select a corporate 401k, Simple IRA, SEP IRA or Defined Benefit Plan.Learn More