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SJG Blog

Retirement Plan Selection and Design That Keeps Money in Your Pocket

SJ Gorowitz Retirement Tax Planning

You’re a business owner. Every decision you make has an effect on your taxes. Particularly if you own a closely held business, your long-term personal and professional outcomes are inextricable. If your goals are to keep more of what you earn and establish a foundation for ongoing financial health, retirement plan selection and design should be at the top of your to-do list.

For many business owners, the process of choosing the best retirement plan can present a jumble of complicated and technical retirement plan terms and options. With that in mind, the first thing to do is to identify an experienced tax advisor knowledgeable about retirement plans to help you reach your tax saving goals.


Tax Advantages of Selecting the Right Retirement Plan

If you are an employer, you can take advantage of significant tax advantages and offer a valuable benefit to your employees. Offering a retirement plan as an employee benefit can attract and retain better employees and provide very real bottom line benefits for your company. Contributions you make to an employees’ retirement plan are tax deductible, and contributions employees make help reduce their own current taxable income and improve their future financial stability.  Additionally, there are tax credits available for small businesses that establish a qualified retirement plan.

Finding the Right Plan

One of the upsides to the variety and complexity of retirement plan options is that it’s possible to structure the right one. Whether you are able to save $25k, $50k or $400k, each plan comes with its own pros and cons, so it’s important to have an informed advisor help you align your needs and savings ability with the specifics of each savings vehicle.

Typical Retirement Plan Options for Businesses Include:

  • Simple IRA
  • Solo 401-k/aka Uni-K
  • 401-K
  • Profit Sharing Plan
  • Defined Benefit Plan

SJG helps business owners navigate the complicated and technical retirement plan options available to help you keep more of what you earn.  In every tax advisory engagement, the SJG team is dedicated to fully addressing corporate structure, industry, and requirements. Particularly when we work with small and closely held businesses, we begin that process with retirement planning considerations. By integrating retirement and tax strategies, we’ve helped our clients save up to hundreds of thousands of their hard earned dollars. 

How can we help you keep more of what you earn and plan for the future?

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