Selecting the appropriate retirement plan depends on several factors:
Business Size: Larger businesses may benefit from offering 401(k) plans, while smaller businesses might find SEP or SIMPLE IRAs more manageable. Employee Demographics: Consider the needs and preferences of your workforce. Younger employees might prefer plans with higher growth potential, while older employees might prioritize stability. Cost: Evaluate the administrative costs and employer contribution requirements associated with each plan. Flexibility: Some plans offer more flexibility in terms of contributions and investment options.