What employee retirement plan provider do you use for your business?
What type of employee retirement plan does your business have (401k, SIMPLE IRA, etc.)? Which provider do you use? What do you like/dislike about them?
If you were involved in choosing your employee retirement plan, why did you choose that plan type and provider Would you recommend them to other businesses? What were the most important factors when you were choosing them?
Virtually all retirement plans offer a tax advantage, whether it’s available upfront during the savings phase or when you’re taking withdrawals. For example, 401(k) contributions are made with pre-tax dollars, which reduces your taxable income. Roth IRAs, in contrast, are funded with after-tax dollars but withdrawals are tax-free.
Some retirement savings plans also include matching contributions from your employer, such as 401(k) plans, while others don’t. When trying to decide whether to invest in a 401(k) at work or an individual retirement account (IRA), go with the 401(k) if you get a company match – or do both if you can afford it.
A 401(k) plan can be an easy way to save for retirement, because you can schedule the money to come out of your paycheck and be invested automatically. The money can be invested in a number of high-return investments such as stocks, and you won’t have to pay tax on the gains until you withdraw the funds. In addition, many employers offer you a match on contributions, giving you free money – and an automatic gain – just for saving.
I can also recommend you to a specialist that helps small businesses make the best retirement plans.
The type of employer-sponsored retirement plan that an employer should set up depends on how many employees they have. If I was a "solopreneur", a Simplified Employee Pension plan or "SEP IRA", would work well. If I only had a handful of employees, I would look into a Savings Incentive Match Plan for Employees or "S.I.M.P.L.E. IRA". And only if I was a mid-size business with lots of employees, would I consider a 401(k). 401(k)s have costs and required reporting associated with them. Hope that helps.