Small Business Retirement

What are your retirement plan goals?

Graphic quote " I want to keep administrative responsibilities to a minimum."
graphic quote "I want flexibility in employer contributions."
graphic quote "I want employees to save as much as possible."
graphic quote "I want t maximize my own retirement savings."

Which plan best matches your goals?

SEP-IRA

Easy to establish; employer contributions

Consider when ...

  • You’re self-employed or have only a few employees.
  • You want a basic plan with flexible employer contributions.

Keep in mind ...

  • Employees generally can’t make salary deferrals.

SIMPLE IRA

Employees contribute; simple administration

Consider when ...

  • You have a small business.
  • You want employees to contribute.
  • You’re comfortable making required employer contributions.

Keep in mind ...

  • Contribution limits are generally lower than a 401(k).

Traditional 401(k)

Flexible and built for growth; higher contribution limits

Consider when ...

  • You want maximum flexibility.
  • You expect your business to grow.
  • You want higher employee contribution limits.

Keep in mind ...

  • Administration is typically more involved than an IRA-based plan.

Your retirement plan can grow with your business

Garden Center employees

Many businesses begin with a SIMPLE IRA or SEP-IRA before transitioning to a 401(k) as their workforce and retirement goals evolve. Recent changes under SECURE 2.0 have also made it easier in some situations to move from a SIMPLE IRA to a Safe Harbor 401(k).

Is it time to move to a 401(k)?

 

Next step

Now that you’ve narrowed your options, learn what influences the cost of a 401(k), what services are included and what questions to ask before comparing providers.

Continue To: Understanding Retirement Plan Costs

people in a meeting

Explore the full series

  1. Why offer a retirement plan?
  2. Which retirement plan is right for my business?
  3. Understanding retirement plan costs
  4. Setting up your 401(k): What to expect
  5. Getting more from your retirement plan
  6. Why Voya?


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Talk to a Financial Professional*

Existing Voya plan sponsors:  

*Registered Representative of, and securities services offered through Voya Financial Partners, LLC (member SIPC).

The information presented here is for educational purposes only, and not intended to be legal or tax advice. Each plan must consider the appropriateness of the investments and plan services offered to its participants. All investing involves risk, including the loss or principal. There is no guarantee an investment, investment strategy or managed portfolio will meet its stated objective.

Each plan has unique requirements and should consult its attorney or tax advisor for guidance on its specific situation. Voya strongly suggests speaking with tax and legal advisors before making changes to a plan.

Products and services offered through the Voya® family of companies.

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