For a business owner choosing a retirement plan, it’s kinda like those compare and contrast essay questions on college exams. Except this time, it’s real life and a lot more complicated than the venn diagram pictured above.
Fortunately, our friend Denise Appleby at her Appleby Retirement Dictionary has provided a handy and comprehensive chart comparing and contrasting the basic features and benefits of:
- SEP IRA
- SIMPLE IRA
- Traditional 401(k)
- Money Purchase
- Profit Sharing
- Defined Benefit
Here is a link to Denise’s Retirement Plans Comparison Chart for Small Business-2010 Plan Year.