How to Choose the Right Retirement Plan for Your Business

Stop treating your retirement like a someday problem…For business owners, the right plan can be a valuable tax strategy. But too many entrepreneurs wait too long, choose the wrong plan, or assume a 401(k) is only for big companies. 

In this episode, Mike sits down with Matt Ruttenberg to explain how retirement plans work for small business owners. They break down the differences between SEP IRAs, SIMPLE IRAs, solo 401(k)s, safe harbor 401(k)s, and defined benefit plans, plus the questions you should ask before choosing a plan, including your contribution goals, employee needs, cost, timing, and tax savings potential.

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Chapters

00:00 Why Retirement Planning Matters for Business Owners
The wrong retirement plan can cost business owners tax savings, growth, and long-term financial security.

01:20 Retirement Plan Options for Business Owners
A breakdown of SEP IRAs, SIMPLE IRAs, solo 401(k)s, safe harbor 401(k)s, defined benefit plans, and executive plans.

02:00 How to Choose the Right Plan
The right plan depends on the owner’s goals, employee needs, contribution targets, and tax strategy.

04:30 Retirement Plans for Businesses With Employees
Traditional 401(k)s, SIMPLE IRAs, state retirement programs, and safe harbor plans can help businesses offer employee benefits.

08:00 Retirement Plans for Solo Business Owners
Owners without eligible employees may consider an IRA, Roth IRA, SIMPLE IRA, solo 401(k), or defined benefit plan.

11:35 Time, Maintenance, and Costs
Plan setup and maintenance may include payroll setup, employee deferrals, compliance, annual testing, filings, and administrative costs.

18:50 Why Not All 401(k)s Are Created Equal
Payroll-based 401(k)s are easier to start, while custom plans offer more flexibility for tax strategy, plan design, and business growth.

27:10 Tax Credits, Deadlines, and Final Takeaways
SECURE 2.0 tax credits may help offset plan costs, but timing matters. Starting early helps avoid missed deadlines and lost tax savings.

Podcast Host:

Mike Jesowshek, CPA – Founder and Host of Small Business Tax Savings Podcast
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🎙 ABOUT THE PODCAST
The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies to help entrepreneurs legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this show breaks down complex tax topics into clear, no-fluff insights so you can keep more of your hard-earned money.