March 23, 2023
Did you Know? Retirement Plans can Benefit Employees AND the Business
A Simple IRA plan or SEP IRA plan can provide a simplified way to contribute toward retirement.
Small businesses constantly face the challenge of attracting and retaining employees. And, when they don’t offer any retirement benefit, that challenge increases significantly. A Simple IRA plan or SEP IRA plan provides employees with a simplified way to contribute toward retirement. It can reduce taxes and, at the same time, help you attract and retain quality employees.
The opportunity
Most small business owners think the only option is a 401(k), which can be expensive and complicated to set up. Talk with them about the Simple IRA and SEP IRA, options provided by the IRS specifically for small businesses seeking a low-cost plan that’s easy to administer and maintain. Best of all, in both (Simple IRA and SEP IRA) plans’, employer contributions are tax deductible!
Spotting the opportunity
- Businesses with less than 100 employees and where the business owner is willing to also contribute to the employees saving – The Simple IRA
- Sole proprietorships and very small businesses where the business owner is willing to be the sole funding source – The SEP IRA
Plus, in states that require businesses to have a retirement saving plan, these are very cost effective options!
Find a consumer-facing email and social media posts featuring this sales idea on our IRA Landing Page
