Small Biz Life

There are a lot of retirement plan options for small business owners. How do you determine which one is right for you? In this episode, we discuss all the options to help you find the right plan for your biz.  All the numbers in this post are valid for 2017. Each year, these numbers are updated by the IRS.  Individual Retirement Plans (IRAs) If you are just starting to save, an IRA might be an easy way to get started. An IRA will allow you to save up to $5,500 in 2017. If you are over the age of 50, you can make an additional catch-up contribution of $1,000.  There are two types of IRAs: a traditional IRA and a Roth IRA.  Traditional vs. Roth It's important to understand the difference between these two plans to ensure you are achieving your goals.  Traditional With a traditional plan, you put the money in pre-tax, which means you get a tax deduction now. However, when you take the money out at retirement, you must pay taxes based on your normal tax rate. With a traditional IRA, you are also required to take