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As a small business owner, you’ve reached a certain level of success and built a comfortable future for your family. Depending on the size of your company, you’ve also created jobs so your employees can provide for their families. But what’s the next step? Establishing a retirement plan for your small business will help ensure that you and your employees have a steady stream of income, even after you retire.
There are many types of retirement plans available to companies, but a select few are most beneficial to small business owners. SEP IRAs, SIMPLE IRAs, and safe harbor 401(k)s are the most commonly used plan types because of their simplicity, affordability, and minimal administrative requirements.
Joe Shadduck is a financial advisor located at Blue Hills Wealth Management, 300 Crown Colony Drive, Quincy MA 02169. He offers securities and advisory services as an Investment Adviser Representative of Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. She can be reached at 617-471-6800 or joe@bluehillswm.com.
