Small Business Retirement

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At Legacy Funding, we understand the importance of offering competitive retirement benefits to attract and retain top talent. Our team of financial advisors specializes in designing tailored retirement plans that align with the unique needs and objectives of small businesses. Whether you’re a sole proprietor or a growing company, we’re here to help you navigate the complexities of retirement planning and secure a prosperous future for both you and your employees.

SIMPLE IRA: As the acronym suggests, a SIMPLE IRA (Savings Incentive Match Plan for Employees) is designed to be straightforward and accessible for small businesses with fewer than 100 employees. Both employers and employees can make contributions to these plans, with employers having the option to match employee contributions up to a certain percentage. This matching contribution serves as an incentive for employees to participate in the retirement plan and helps bolster their long-term savings.  Due to the Secure Act 2.0 there are now significant tax deductions and credits available to small businesses that implement these plan correctly.

SEP IRA: A Simplified Employee Pension (SEP) IRA is an ideal retirement savings option for self-employed individuals and small businesses. SEP IRAs offer flexible contribution limits, allowing employers to contribute up to 25% of an employee’s compensation, up to a specified annual limit. Contributions to SEP IRAs are tax-deductible for employers and tax-deferred for employees, providing valuable tax advantages for both parties.

Payroll Deducted IRA: A Payroll Deducted IRA offers small businesses a simple and cost-effective way to provide retirement benefits to their employees. Through automatic payroll deductions, employees can contribute directly to their IRA accounts, often with minimal administrative burden for employers. This option allows employees to take control of their retirement savings while enjoying the tax advantages of traditional or Roth IRAs.

401(k) Plan: Widely regarded as one of the most popular retirement plans for businesses of all sizes, a 401(k) plan offers numerous benefits for employers and employees alike. These plans allow employees to make contributions through payroll deductions, with the option for employers to match a portion of those contributions. Additionally, 401(k) plans often feature a diverse range of investment options, allowing participants to build customized retirement portfolios tailored to their individual risk tolerance and financial goals.