Business owners who are considering a retirement plan for their business have many options. While a traditional 401(k) is a well-known option among business owners, there are many cases where other retirement plan options may be better suited for the business and the owner. This flowchart addresses some of the most common issues that arise for a business owner looking to set up a retirement plan for his or her business such as:
Which plans may be better when there are no employees
When a defined benefit pension plan could be set up
Options to review when the goal is to contribute more than $55k per year
Maximum employee contribution amounts for plans
Which plans have mandatory matching contribution requirements
Minimum employer matching contribution amounts
Plans that have more flexibility
Updated for 2019
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