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SIMPLE IRS vs. 401(k) – Which is right for you?

A SIMPLE IRA can be a great retirement savings vehicle. It allows a business owner to take an active roll in preparing employees for their financial future. These plans can be easy to administer, but they can also somewhat limiting by nature- which means they aren’t the perfect fit for everyone. If you’re looking for a bit more flexibility out of your retirement plan, you may want to consider the 401(k) option. 

Here are a few things a 401(K) can offer that a SIMPLE IRA cannot: 

– Maximize your contributions* 

– Limit tax liability on both a business and personal level 

– Allow for customized options such as Roth contributions, profit sharing, and loans 

Chances are, you may have considered a 401(k) in the past but ended up going with the SIMPLE IRA instead, based on factors such as cost and complexity alone.

At TPC, we specialize in helping our clients establish a customized 401(k) solution that will be best suited for their business and employee base. But what really sets us apart is our ability to do this while keeping costs low, and your overall responsibilities to a minimum. 

We think you will be pleasantly surprised by all of the benefits our 401(k) plan can provide-and how easy it is to get started.

Let us know if you’d like more information on our 401(k) services! Download our handy guide on the differences!