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Working / Accumulation Phase

Common Retirement Plans For Small Business Owners

Updated 12/1/2023

**This guide has been updated to incorporate new changes made by The SECURE Act 2.0 that are effective for the 2024 year. Any SECURE Act 2.0 changes that are effective for 2025 will be incorporated into this guide at the start of the 2025 year.

Your business owner clients have many options when establishing retirement plans. Several key factors, specific to each client’s unique situation, must be considered in order to select the appropriate plan or combination of plans.

To help differentiate between the most commonly adopted retirement plans, we have created this chart. You can use this guide when comparing plan options and discussing your client’s goals regarding:

  • Maximizing retirement savings
  • Incentivizing employees
  • Managing costs and administrative complexity
  • Optimizing income tax planning

To frame a comprehensive discussion with your business owner clients, consider pairing this with the “Common Pension Plans For Small Business Owners” guide.

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Should I Set Up A Traditional 401(k) For My Business?
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What Issues Should I Consider When Starting A Business?
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