There are a variety of methods to invest in tax wise ways, which will ultimately create a larger nest egg. If you are a business owner, you have an opportunity to impact retirement savings for both yourself and your employees. Both the Traditional IRA and a Roth IRA are simple to open. A traditional IRA is a personal, tax deferred retirement account. Like traditional IRAs, the earnings in Roth IRAs accumulate tax deferred, however the contribution is not tax deductible when you make it.
Funds contributed by employers to company sponsored retirement plans are deductible to the business.
Many employers find high quality retirement plans can be a major influence on both attracting and retaining quality employees. If you are an employer the following information can help you determine if you have a retirement plan that is best suited to you and your business. If you are an employee it may help you better understand the plan you currently have and how to maximize your benefit from it. Open the attachments in this section which includes a glossary of financial terms and a spread sheet showing how different company sponsored retirement plans compare in regard to who can contribute, funding limits, termination implications, paperwork involved, and key benefits. A retirement program that takes the form of individual retirement accounts for all eligible employees, and is subject to special rules on contributions and eligibility.