As Your Business Evolves, Your Retirement Plan Should Too
Whether you're establishing your first retirement plan or reviewing an existing one, selecting the right solution involves more than choosing a plan type.
Factors such as business size, profitability, employee demographics, and owner objectives can all influence which retirement strategy may be most appropriate.
We help employers understand their options and coordinate retirement plan strategies designed to support both business and personal goals.
Common Questions Business Owners Ask
Is my current 401(k) still the right fit?
Am I maximizing my own retirement savings opportunities?
Could a cash balance plan help accelerate retirement savings?
Are my plan fees reasonable?
Am I meeting my fiduciary responsibilities?
How can I offer meaningful employee benefits while managing costs?
Retirement Plan Solutions for Different Business Needs
Every business is different. We help employers evaluate available options based on their goals, workforce, and financial situation.
401(k) Plans
A 401(k) plan can be a valuable tool for business owners looking to save for retirement while offering a meaningful benefit to employees.
Potential Considerations
Employee and employer contribution opportunities
Flexibility in plan design
Ability to incorporate matching or profit-sharing contributions
Retirement savings opportunities for business owners and key employees
Employee recruitment and retention benefits
Continuous client-focused and administrative responsibilities
Potential tax advantages for employers and participants
For many businesses, a 401(k) serves as the foundation of a broader retirement strategy, helping owners work toward their long-term goals while supporting the financial well-being of employees.
SEP IRA
A simplified retirement plan often used by self-employed individuals and small businesses seeking administrative simplicity.
Potential Considerations
Easy to establish and maintain
Generally fewer administrative requirements than some qualified retirement plans
Employer contributions are discretionary and can vary from year to year
May be a fit for businesses with few or no employees
Can provide meaningful retirement savings opportunities for business owners
As businesses grow, owners often evaluate whether a SEP IRA continues to align with their goals or whether another retirement plan structure may offer additional flexibility.
SIMPLE IRA
A SIMPLE IRA (Savings Incentive Match Plan for Employees) is designed for smaller businesses looking to provide retirement benefits to employees through a relatively straightforward plan structure.
Potential Considerations
Allows both employee and employer contributions
Can help employers offer a retirement benefit without the complexity of some larger plans
Generally easier to administer than many traditional 401(k) plans
Provides employees with an opportunity to save through payroll deductions
May be attractive for smaller businesses seeking a cost-conscious retirement plan solution
As businesses expand or profitability increases, employers may choose to evaluate whether a 401(k) or other retirement plan design could provide additional opportunities for owners and employees.
Already Have a Retirement Plan?
Retirement plans should be reviewed periodically as businesses grow and regulations evolve.
We can help evaluate:
Investment lineup
Plan fees and expenses
Client-focused considerations
Participant engagement
Plan design effectiveness
Alignment with business objectives
Many employers discover opportunities to improve their plan without changing their overall retirement strategy.
As profitability and retirement goals evolve, some business owners choose to explore strategies beyond a single retirement plan. Coordinating multiple retirement plans, such as a 401(k) and cash balance plan, may provide additional opportunities for retirement savings while supporting broader tax and financial planning goals.
Cash Balance Plans
A cash balance plan is a retirement strategy that may allow certain business owners and high-income professionals to make larger retirement contributions than may be available through a traditional retirement plan alone.
These plans are often considered by business owners who are seeking to accelerate retirement savings while balancing broader tax advantaged strategies and financial planning objectives.
Potential Considerations
Opportunity for larger retirement contributions
May complement an existing 401(k) plan
Potential tax advantages for business owners
Often utilized by highly profitable businesses and professional practices
Can support accelerated retirement savings goals
Requires ongoing administration and plan oversight
Cash balance plans are frequently explored by physicians, dentists, attorneys, and other business owners who are looking for additional retirement savings opportunities beyond traditional retirement plan limits.
Supporting Employers Beyond Plan Implementation
Establishing a retirement plan is only the beginning. As your business evolves, ongoing support can help ensure your retirement plan continues to align with the needs of both your organization and your employees.
Support may include:
Retirement plan reviews
Investment monitoring
Client-focused guidance
Coordination with third-party administrators
Employee education
Assistance with plan updates and design changes
Retirement plans are an important component of employee benefits, but financial wellness often extends beyond retirement savings alone. Employees may also benefit from education and resources related to budgeting, debt management, savings strategies, and other financial topics that can impact their overall financial well-being.