Owning and operating your small business comes with many responsibilities. Being the sole decision-maker for everything from choosing office supplies to securing funding can seem overwhelming. So much so, that you may think retirement planning in Scottsdale, AZ, is something you can skip.
However, long-term planning is just as important as creating a business plan and managing operational costs. Being prepared after the business closes is critical to personal success.
Fortunately, there are several investment vehicles to replace not having the luxury of an employer 401k pension plan. Since you are the employer, you get to choose.
Solo 401(k) for Maximizing Contributions
One of the best retirement plans, when you want to maximize contributions, is the Solo 401(k). You are eligible to establish this type of retirement planning in Scottsdale, AZ, even if you only have one employee such as your spouse.
SIMPLE IRA for Employee Participation
With less than 100 employees, you can establish the Savings Incentive Match Plan or SIMPLE IRA. Each employee has an IRA where they can defer a percentage of their salary. Your contribution can match a specified amount.
SEP IRA for Flexible Contribution Amounts
Another type of IRA is a simplified employee pension where you and your employees contribute. You are not limited by the number of people you employ. Also, each year you can decide how much to contribute per employee.
Don’t Avoid Planning for Your Future
Dale Brunk, CEBS, AIF, a financial advisor with Landmark Financial, LLC can help you plan long-term financial goals to secure your future. Reach out today at Sitename for retirement planning in Scottsdale, AZ.
Disclaimer:
Securities offered through Avantax Investment Services℠, Member FINRA, SIPC. Investment advisory services offered through Avantax Advisory Services℠.
Insurance services offered through an Avantax affiliated insurance agency.
