As a small business owner, you understand how important it is to plan for your future and the future of your employees. A retirement plan is a powerful tool to help you financially prepare for your own retirement while helping your employees save for theirs. Setting up a retirement plan for your business not only benefits you, but also your current and future employees, customers, and your own personal financial future.

Many small business owners don’t take advantage of retirement plans because of the cost. However, they can be quite cost-effective when considering the potential savings they can provide both to the employer and employees. A retirement plan works two-fold: you and your employees can save now and taxes can be deferred until retirement. Additionally, providing an employer-sponsored plan may help you attract and retain talented employees.

For a business owner, retirement plans serve as a powerful financial tool. Use the plan’s tax advantages to help lower your taxable income. Retirement plans can also provide an owner with a secure head start for their retirement savings, allowing them to accumulate more money faster than with other investments. Plus, contributions to a retirement plan are often deductible against business profits.

Your employees will also benefit from the plan