Flash Report: When Choosing a Retirement Plan, Don’t Default to the 'Obvious' Choice
When sizing up retirement plans for your company, it can be tempting to go with the option that is easiest for you to administer and manage. After all, you’ve got a successful business to steer—why add yet another layer of complexity to your life?
But as is so often true, the easiest path is not necessarily the best path. Selecting a retirement plan because it may be “hassle free” or easy to understand intuitively could be the right choice for your situation, of course. However, it could potentially hold you back from being able to save aggressively for your own retirement—and generate significant tax benefits along the way.
The key is to understand and consider a range of retirement plan options as well as carefully assess your own goals and your company’s financial situation. Armed with that information, you should be better positioned to make the appropriate choice for your business and your own life.
With that in mind, let’s take a closer look at the world of qualified retirement plans—and their various implications for you as a successful entrepreneur.
Robert J. Pyle, CFP®, CFA, AEP® founded Diversified Asset Management, Inc., in 1996 to provide personalized, comprehensive wealth management services to successful individuals, families, single women and business owners. His specialty is addressing the complex financial needs of self-employed professionals, corporate executives, and small- business owners. Our disclosure can be found here. The views, opinion, information and content provided here are solely those of the respective authors, and may not represent the views or opinions of Diversified Asset Management, Inc. Diversified Asset Management, Inc. cannot guarantee the accuracy or currency of any such third party information or content, and does not undertake to verify or update such information or content. Any such information or other content should not be construed as investment, legal, accounting, or tax advice.