If you are thinking about saving for retirement, there are many options. It’s usually pretty straightforward for an individual who is working for a large employer. You typically have an employer plan like a 401(k). Then you can save into IRAs in addition to this.
If you are a business owner, the options can get more complicated. It’s not a one size fits all kind of thing. I want to focus on some of the lesser-known retirement plans and how they work.
Uncommon retirement plans can provide great benefits for the owners as well as their employees. A couple of the lesser-known retirement plans are Keoghs, SIMPLE 401(k)s, Solo 401(k)s, and defined benefit or cash balance plans for small business owners.