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Retirement Services & Financial Advisors​ - Serving Columbus & Beyond

The Advantages of a 401k over a SEP or SIMPLE for Business Owners

Submitted by Life, Inc. Retirement Services on January 5th, 2015

401k Advisors plan design Fiduciary Duties Solo 401k SBO-401K SEP IRA Simple IRA Fiduciary

For business owners, there’s no shortage of retirement plan options, each with the capacity to accept larger contributions than individual or employee plans with commensurate tax advantages. Until recently, the default options for many business owners had been the Simplified Employee Pension (SEP IRA) or the Savings Incentive Match Plan for Employees (SIMPLE IRA) chosen in large part for their low cost and simplicity. However, for business owners in the right situation, the 401k plan is quickly becoming the plan of choice for its even greater capacity and flexibility.

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