Personal IRA
I own a small business with four employees.
I would like to provide for them and myself The start of a retirement fund.
I was wondering which IRA is the best way to go?
Terry Says
What you’re thinking about is called a SEP-IRA. It allows the owner to make some contributions on behalf of employees as well as to your own account. And when you give that as a benefit, your employees tend to stick around!
Read this article to learn everything you need to know about creating a SEP-IRA for your business.
Then I would contact Vanguard (mentioned and linked in the article) or Fidelity to see if your company qualifies to open a SEP-IRA with them. They are a low-cost provider but may have minimum investment amounts required. The real drawback to a small business opening one of these plans is that they go to brokerage firms that charge a lot of fees and that takes away from the benefit.
Read this article and you’ll understand what I’m saying about fees!
