If you’re a business owner, you’re always thinking about the days ahead: How can I boost sales in the next year?
What trends should I be watching?
But there’s another question to ask about your future: Do I have a good retirement plan in place?
A retirement plan can benefit you in several ways.
First, of course, it can help you build the resources you will need after you’ve left your business and retired.
Second, a retirement plan can help you attract and retain good employees.
And third, you’ll get tax benefits.
Your contributions to a retirement plan - on behalf of yourself and your employees - can be tax deductible.
Plus, you can get tax credits for starting a new plan.
You have several retirement plan options available.
You may be eligible for an owner-only 401(k).
Or you might consider a personal defined benefit plan, which is similar to a traditional pension plan.
And, depending on the number of employees you have, you might also look at an SEP-IRA or a SIMPLE-IRA.
To learn more about these and other plans, contact your financial professional or tax advisor.
But don’t wait too long - the future will be here sooner than you think.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson and Hawes Dickerson. Members SIPC.
