The IRS to the rescue! Yes, the IRS has published a website, the IRS Retirement Plans Navigator, which takes all the retirement plan choices and presents them in various comparison formats that make it easy to … well … navigate the complicated world of retirements plans
As I go around the city, talking to my fellow Pittsburgh Small Business Owners, I am surprised by how few take full advantage of the tax benefits the emanate from Retirement plans.
As an employer, you can set aside a portion of your profits for later instead of giving them to Uncle Sam.
However, the plans can be complicated and choosing the right plan is a bit of a minefield. (It can be pretty expensive to change your mind later!) When getting advice from a Financial Adviser, make sure that your trust level is high — many times you might receive a recommendation that serves the best interests of a plan administrator and not necessarily the business owner and the employees interests.
This simple, innocuous tool is going to help many us save some serious money!
