Broker Check

Small Business Owners

Financial Planning for Small Business Owners

Owning and running your own business is more than just a full-time job. You worry about growing your business, being more efficient, more profitable, more competitive, and at the same time, you worry about providing your clients with the best services and products. This leaves very little time to think about your personal finances and running these like you run your own business.

Like many successful small business owners, you may have had to invest a lot of personal capital to establish and grow your business. This may have left you with a shorter time frame to build a retirement nest egg aside from the equity in your business. When creating a financial plan for you, we build financial strategies into the plan intended to help business owners create personal wealth by:

  • Maximizing retirement benefits
  • Reducing or deferring taxes
  • Moderating risks
  • Planning for business transition

Retirement Plan Choices for Small Businesses

Retirement Plan Choices for Small Businesses

Retirement choices can be intimidating. Picking the right strategy.

Establishing and Funding a Retirement Plan

Many small business owners either do not have a retirement plan at work, or have a plan that is out of compliance. Many entrepreneurs, even if a plan is in place, do not maximize their savings. IIS Financial Services works with you or your representative in conjunction with a third-party administrator (TPA) and CPA to help you remain compliant and take full advantage of retirement and tax savings.

SEP IRA: A Simplified Employee Pension (SEP) is a retirement plan that an employer or self-employed individual can establish. The employer is allowed a tax deduction for contributions made to the SEP plan and make contributions to each eligible employee's SEP IRA on a discretionary basis.

Individual/Solo 401(k): Also known as the Solo K, or Uni-K – works much the same as traditional 401(k) plans offered by large companies, as well as SEP IRAs designed for the self-employed. Unlike other retirement plans, though, an individual 401(k) is strictly for sole proprietors who have no employees (although your spouse may contribute if they earn income from your business). One other point: Unlike SEP IRAs, solo 401(k)s allow you to borrow against your savings.

Which self-employed retirement plan is best for you?

Sign up below to receive our monthly newsletter for Small Business Owners

Thank you!