We all need to save up for retirement because that day is going to come and we are going to regret it if we don’t do anything about it. Retiring without a decent retirement plan could mean financial problems at a time when you’re no longer working. We also would be hard-pressed to buy medications, which we are all going to need a lot of as we grow older.

Considering all the issues that come with retirement, we can only be thankful for the many options that are now available not only to employees but to employers as well. Among the choices are the Simplified Employee Pension (SEP) IRA and the Simple IRA.

The SEP retirement plan is essentially an IRA for individuals who are self-employed as well as for small business owners. Freelancers and business owners with at least one employee can open a SEP plan, which has a reputation of being a retirement savings vehicle that is easy to implement. SEP plans can also provide substantial tax benefits.

A SIMPLE IRA plan, on the other hand, is geared for small businesses that employ 100 or fewer individuals. The word SIMPLE stands for Savings Incentive Match for Employees, and SIMPLE IRA plans are quite favorable for small businesses since they are less expensive and less complicated compared to other retirement plans.

Whether you’re seriously considering a SIMPLE plan IRA or an SEP plan, know that you can rely on us at Bennett & Porter to provide what you need to know about them and how you can effectively manage and grow it. Call us at 480-212-1150 and talk to our Certified Financial Planner, who will give you all the assistance you need.