Starting your own business? Don't neglect to set up your own retirement plan.
Now that you're in charge of choosing the right retirement plan for your new business, here's what you need to know.
Whether you're newly self-employed or opening the small business you've always dreamed of, you are - finally! - the boss. That means you're also the person in charge of choosing a retirement plan that fits the needs of your new business.
For more detailed information, call a Fidelity Retirement Representative at 800-544-5373,
Fortunately, there are key benefits to a small business retirement plan that outweigh any time it might take to set one up. A small business retirement plan not only allows you to sock away a significant amount toward your future, but you can take a sizeable tax deduction as well.
And, if you are starting a second career, you may not have had as much opportunity to save specifically for retirement until now. So a small business retirement plan can help you fill in any personal savings gaps toward a more secure future.
Remember that in addition to a small business retirement plan, you can fully fund an IRA and make catch up contributions if you are age 50 or older. Find out how to Contribute to Your IRA.
To analyze your own situation, use the PlanMatch tool. Once you enter a few data points about your business, PlanMatch will analyze the data and select a plan that could best meet your needs for retirement savings.
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