So let’s say you do not
want to make any contributions to your own retirement plan. Often it’s not a case of not wanting but that
you’re investing in your business. Keep
in mind that many of your employees may want to. If you cannot match their contributions, as
in the case of a SIMPLE IRA, there is still one thing you and your business can
do. It not only helps your key, valued
workers but as a side benefit brings value to your business succession in the
form of Goodwill.
I’m describing a Voluntary Payroll IRA. It’s easy to establish,
no charge to you and in many instances helps your workers. Many of these plans
start no lump sum deposit required and as little as $50 per month.
Many investment companies
offer this service. Each employee would
complete their own application, control their beneficiary and investment
choices. Then in working with your
payroll person or service, we can arrange to have an amount withdrawn from
their paycheck.
I have done this many
several areas companies and they loved this option. Kick it around in your mind and ask your
staff what they think of it. May be
worth something doing.