As an entrepreneur, you may have spent years learning your craft, developing your abilities and growing your business. In fact, it’s probably fair to say that by now, you’re an expert! But unless your business specializes in business itself, you may still have some questions about the best ways to run your company, manage cashflow, and maximize your profits. One of the most common areas of confusion for business owners is retirement plans: should you offer one or not?
On the one hand, a retirement plan can make you a more attractive employer and can also help you offset taxes. But on the other, it can cost the company money, require special administration and regulations, and there are a ton of options. So how do you figure out what makes the most sense?
This piece from Invesco, Small Business Plan Guide, offers a strong, comprehensive overview of different plan types, how they work, and the pros and cons. If you want to talk through the possibilities for your company, let’s connect!
Should you offer a retirement plan?
August 27, 2020