Discover Your Ideal Retirement Plan

Welcome to uVest Advisory Group, where your financial well-being is my top priority. I'm Erik Goodge, and I understand the maze of choices you face when selecting a retirement plan for your business. Whether you're flying solo or steering a growing team, the right retirement plan not only secures your future but also offers immediate benefits for your company. Today, I'm here to guide you through the nuances of SEP IRAs, SIMPLE IRAs, 401(k)s, and the exciting new option for 2024, the Starter 401(k).

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Erik Goodge - 401k Retirement Plans - Evansville

Navigating SIMPLE IRAs: The Small Business Solution

As a financial advisor, I've seen firsthand how SIMPLE IRAs can be a game-changer for small businesses. These plans are designed with simplicity in mind, offering you the ability to match your employees' contributions up to 3% of their salary. This option is particularly appealing if you're looking for an uncomplicated, cost-effective way to contribute to your employees' retirement without overwhelming your business finances. It's an excellent starting point if you're keen on fostering a savings culture in your team while keeping administrative overhead low.

Embracing SEP IRAs: The Solo Entrepreneur's Pick

For my fellow solo entrepreneurs, the SEP IRA often emerges as the ideal choice. This plan allows only employer contributions, meaning you can contribute to your retirement savings without requiring contributions from employees—because, in this case, you're the team. It's incredibly straightforward to set up and manage, making it perfect if you're seeking to focus on your business growth while ensuring your retirement isn't left behind. SEP IRAs offer the simplicity and flexibility you need when you're wearing all the hats in your business.

Exploring 401(k)s: Maximizing Your Savings

The 401(k) plan stands out for its flexibility and capacity to maximize retirement savings, especially for business owners aiming to save significantly for their retirement while also considering their employees' futures. I often recommend starting with Safe Harbor 401(k) plans due to their cost-effectiveness and simplicity in meeting IRS requirements. However, traditional 401(k)s offer unparalleled flexibility in structuring contributions to benefit both you and your employees, albeit with a bit more complexity in setup and maintenance.

Introducing the Starter 401(k) for 2024: Simplifying Employee Contributions

Excitingly, the new Starter 401(k) debuting in 2024 simplifies retirement savings further, focusing solely on employee contributions without requiring employer matching. This plan is an excellent option if you're eager to offer a retirement benefit but are constrained by budget. With a contribution limit of $6,000, it's designed to make retirement savings accessible to all employees, offering them a straightforward path to start saving.

Let's Plan Your Future Together

Choosing the right retirement plan can seem daunting, but you're not alone. At uVest Advisory Group, I'm dedicated to helping you navigate these choices, ensuring you select the best option for your unique business and personal financial goals. Together, we'll build a strategy that not only secures your future but also aligns with your business's growth and your employees' well-being.

Ready to take the next step? Let's explore how we can tailor the perfect retirement plan for your business. Contact me today, and let's embark on this journey to financial security together.

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