Perhaps you have heard of SIMPLE IRA plan. Not simple (as in easy), but SIMPLE (Savings Incentive Match Plan for Employees of Small Employers). This is a retirement plan that is easy to administer and offers options that are both flexible and substantial. It is generally available to both for-profit and not-for-profit businesses that have less than 100 employees.
A SIMPLE IRA Plan allows your small business to provide you and your employees a way to save for retirement while reducing income taxes. They offer lower start-up costs than other retirement plans and they are easy to operate.
Setting up the SIMPLE IRA plan is simple (as in easy) for small business owners to do. You may choose one financial institution to handle all your employees, or you can allow your employees to choose their own. This is an important decision as the financial institution becomes a trustee to the retirement account.
Michael McGee has over 30 years experience in the financial industry as an investment advisor specializing in financial planning and retirement planning for consumers and business owners.
To read complete articles on wealth building and retirement planning read Michael’s blog at http://wealthbuildingdetroit.blogspot.com/
Michael S. McGee, MBA