Hi, I’m Matthew Morrow. As a business owner, you’ve decided now to have a retirement plan, so now you’re asking yourself, “how do I get started?” This is often where a lot of employers actually get stuck: it can overwhelming with number of vendors; it can be complicated with the number plan choices that are out there. But there are few resources to begin your search as you determine the best plan that’s tailored for your company.
Consult Your CPA or Accountant to Recommend a Plan
Number one: ask your CPA or your accountant. This person is in a great position to recommend a retirement plan for your business as they know your tax situation, both personally, and the situation of your business. Your CPA probably and may have already recommended a retirement plan for your business, as they know the powerful tax savings involved having a plan.
Ask Your Financial Advisor
If you been working with an advisor on your own personal financial or retirement planning, this person knows your retirement goals, they know your financial situation, and they are a great position as well to recommend a plan that may fit you and your business.
Ask Your Payroll Company
You may be surprised, but many payroll companies today offer integrated 401(k) plans. They have access to all your payroll data already; they know your employees and all the numbers behind your company. They can be a great source of a simple-to-administer retirement plan.
Approach Vendors Directly
Lastly, you can go straight to the source: try vendors directly, such as Fidelity, Vanguard, Charles Schwab, T. Rowe Price, John Hancock, etc.
Get Started Today!
The most important piece is: get started! Make that first step to talk to someone and determine if a retirement plan is right for your business, which plan fits your business, and how to take the first steps to set up this valuable resource. It’s not only for you as the business owner, but for your employees as well. Your retirement will thank you, and your employees will thank you. Thanks.