A question we’re frequently asked is “Which retirement plan should I choose?
In order to pick the right plan, we must first understand what it is you are trying to accomplish.
First off, how much do you intend to contribute each year?
Is this an individual or company plan?
Some plans such as Traditional and Roth IRA’s allow you to contribute up to $5,500 per year if you are under age 50 or for business owners, a SEP-IRA will allow you to contribute up to $53,000 per year.
Picking the right plan entails examining the pros and cons of each underlying plan.
IRA’s in general have low start-up costs while 401K and Defined Benefit Plans have higher start-up costs.
Carefully examining what works best for each individual situation is the key to picking the right plan.
We can do the math and help you pick the plan which works best for you. Call us at 949-474-8440