Local business owners: Don’t overlook retirement plans

If you’re a local business owner, you’re juggling many priorities: growing revenue, managing expenses, supporting your team and planning for your own future. What if one tool could help with all these goals?

A workplace retirement plan might be that solution and can, directly or indirectly, offer benefits that extend beyond simple savings.

Double the tax advantages. Starting a retirement plan can deliver immediate tax advantages. For the business, employer contributions are tax-deductible. And as a participant in your company plan, your pretax salary deferrals are excluded from income taxes; your investments within the plan are tax-deferred until distributed. Many plans now offer Roth options that allow tax-free withdrawals in retirement.