4 Helpful Tips When Choosing a Retirement Plan for Your Small Business

Virtual Office SpaceAs a thriving small business owner, you have probably started thinking about a retirement plan. But what kind of retirement plan is the best fit? A recent article, 4 Things for Small-Business Owners to Consider When Picking a Retirement Plan by Dmitriy Fomichenko offers guidance when navigating the sometimes tricky waters of choosing a retirement plan.

Small business owners have a few options to choose from when it comes to retirement plans specifically designed for them, including self-directed IRAs, SEP-IRAs and Solo 401(k) plans.

Here are four tips to help you consider your retirement plan options.

  1. Coverage

If your business has full-time employees, an IRA plan is a great option. You can set it up as a self-directed plan (IRA). Or you can include your employees in the plan (SEP-IRA).

  1. Investment options

Small-business owners can have more investment options with a self-directed individual retirement plan. Many IRA and Solo 401(k) plans permit you to invest in other assets like real estate, precious metals, etc.

  1. Immediate access to funds

“Checkbook control,” offered by some plan providers, gives you direct access to your retirement funds. Other benefits include:

  • Control and understanding of where your funds are being invested.
  • Option to select which bank to deposit your money.
  • Substantial savings in management fees.
  1. Borrow from your savings

While it is not generally recommended to borrow money from your retirement savings, some business owners use this option to get their business through a rough season.

Loan availability varies so make sure you know the details.

  • IRA = no loan option.
  • Solo 401(k) may allow 50% of the account balance or $50,000, whichever is less.


The more you learn about the various options available, the better decisions you can make for your business. You know what your business needs, but finding a way to get what it needs can be overwhelming. There are excellent services available to help your startup get where you want it to go.

YourOffice is a leader in providing the most prestigious fully serviced office spaces and meeting spaces for any business. Convenient, hassle free, and move in ready- our offices, meeting rooms, and conference rooms are designed to meet your business’ every need.

We hope that this article has been an informative one, and invite you to post your comments or questions in the comments section below. You can also follow us on Facebook and Twitter.

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