Business Retirement

Retirement plans for Tampa Bay small business owners

Tampa Bay has a large self-employed and small-business population, from Brandon and Riverview's business corridors to independent contractors across the metro, and most of them are leaving retirement savings on the table simply because nobody explained the setup options. A SEP-IRA, a SIMPLE IRA, and a Solo 401k each have different contribution limits, employee coverage rules, and setup complexity, and picking the wrong one can mean higher costs or lower contribution room than you actually qualify for. We match you with a planner who lays out the real differences for your specific business.

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Small business owner and financial planner discussing retirement plan options at a Tampa Bay office

What's included in this service?

Ask about your business structure, whether you have employees, and your income
Match you with a planner experienced in small-business retirement plan setup
Confirm the planner explains contribution limits and coverage rules for each plan type clearly
Connect you directly so the planner can help set up the right plan with a custodian
Follow up to confirm the plan actually got established
Never set up or administer the plan ourselves

When do you need this service?

You are self-employed and have never set up a retirement account for the business
You have employees and need to understand which plan type requires covering them versus not
Your income has grown and a SEP-IRA or Solo 401k could allow meaningfully higher contributions than an IRA
You already have a SIMPLE IRA or SEP-IRA and are not sure if it is still the right fit as the business has grown
You want to combine a Solo 401k with a backdoor Roth strategy and need the mechanics explained

What do people ask about Business Retirement?

What is the difference between a SEP-IRA, a SIMPLE IRA, and a Solo 401k?

A SEP-IRA allows employer contributions up to a percentage of compensation and is simple to set up but requires covering eligible employees at the same percentage as the owner. A SIMPLE IRA has lower contribution limits but allows employee salary deferrals with a required employer match or contribution. A Solo 401k is for businesses with no employees other than a spouse and allows both employee and employer contributions, often the highest total contribution room of the three. A planner can confirm current-year limits for each.

Can I set up a retirement plan if I have employees?

Yes, though the plan type changes what you owe those employees. A SEP-IRA requires contributing the same percentage of pay for eligible employees as you contribute for yourself. A SIMPLE IRA requires either a matching or fixed employer contribution for participating employees. A Solo 401k is only available if you have no employees other than a spouse. A planner can map this against your actual headcount.

How much can I contribute to a Solo 401k?

A Solo 401k allows contributions in two parts, an employee salary deferral and an employer profit-sharing contribution, which together typically allow higher total contributions than a SEP-IRA at the same income level. Exact dollar limits are set by the IRS and adjust most years, a planner or CPA can confirm the current-year figures for your specific income.

What happens to my SEP-IRA or SIMPLE IRA if I hire employees later?

You are generally required to extend the same plan terms to newly eligible employees once they meet the plan's eligibility requirements, which is a cost worth planning for before you hire, not after. This is one of the more common reasons a planner will revisit which plan type still fits as a business grows.

Is it too late in the year to set up a retirement plan for my business?

It depends on the plan type. A SEP-IRA can often be established up until your business tax filing deadline, including extensions, which gives more flexibility. A SIMPLE IRA generally needs to be set up by October 1 of the year you want contributions to apply. A Solo 401k has its own deadlines depending on whether you want to make employee deferrals. A planner can confirm which deadline applies to your specific timing.