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If you are an individual and are eligible to contribute to a 401(k) Plan, it may be your best, and probably lowest cost, option to save for retirement. Otherwise, you can contribute to a traditional or Roth IRA (Individual Retirement Account).
If you own a business, with or without employees, click on the brochure to the right for a good starting point in selecting the right type of plan. Although the brochure is from The American Funds, a leading mutual fund provider in the U.S., the information is generic, and you'll find the decision tree is very helpful.
In my opinion, the right plan design starts by deciding the amount of the contribution you’d like to make to the plan. For self-employed individuals, and small or large businesses, a 401(k) can be an excellent option. As a Certified Plan Fiduciary Adviser, I can walk you through the selection of a plan provider, which funds to offer, and a third party administrator who keeps track of contributions and helps keep the plan (and you) in compliance. The annual administration fee should easily be offset by the potentially large amount of tax deductions, and resulting tax savings, you’ll enjoy. 401(k) plans, for individuals or businesses, offer some great benefits:
If you would like to discuss the possibility of setting up a new retirement plan, or if you have a plan which is not being serviced very well, please give me a call to discuss how I might help you.