Family Business Planning Checklist: Retirement Plans

Your family business has many options when establishing retirement plans. Several key factors, specific to each family’s unique business situation, must be considered in order to select the appropriate plan or combination of plans.

To help differentiate between the most commonly adopted retirement plans, we have created this chart. You can use this guide when comparing plan options and discussing your family’s goals regarding:

• Maximizing retirement savings

• Incentivizing employees

• Managing costs and administrative complexity

• Optimizing income tax planning

Family Business Planning Checklist: Pension Plans

To help differentiate between the most commonly adopted pension plans, we have created this chart. You can use this guide when comparing plan options and discussing your goals regarding:

• Maximizing retirement savings

• Incentivizing employees

• Managing costs and administrative complexity

• Optimizing income tax planning

Summary Checklists For Small Business Owners

• Common Retirement Plans For Small Business Owners

• Common Pension Plans For Small Business Owners

Clarity Clears The Path For Decision Making

Small-business-owner families need direction when it comes to establishing retirement and pension plans. After all, time is of the essence when saving for retirement.

The planning process can be overwhelming because options are myriad, and the most appropriate choice may not be obvious. That’s when it’s helpful to use these succinct summary guides and checklists to help map the distinctions among the options to identify the best fit for your family’s situation.

Both guides are valuable reference tools that help us craft and lead goal-based conversations with your family members to address:

• Maximizing retirement savings

• Incentivizing employees

• Managing costs and administrative complexity

• Optimizing income tax planning

Consider using these summary guides during conversations with your advisory team to help formulate a good strategy for the coming years.

Next Steps

This is a new way for BayRock and MissionalMoney.com to present educational information, so now more than ever we want your feedback! Go ahead and take a look at these summary guides, consider how you and your family’s advisory team will use them, and shoot a quick email to [email protected].

Not enrolled in our Online Financial Training, but you want to be? We can help you with that, too! You can go straight to MissionalMoney.com, register and enroll today. Sometimes a live demonstration is more helpful than reading the screen. So schedule your live demonstration and get all of your questions answered in real-time.