No, your business is NOT too small for a Retirement Plan.

June 02, 2021

“My business is too small to have a Retirement Plan”

This is a common misconception that we hear.  We at JFG will concede that this stance is not completely unfounded, but how many times have you experienced “sticker shock” at the high cost of a product or service and then dug deeper and found an alternative lower cost solution?

When thinking about Retirement Plans, the first thing that a business owner typically looks at is cost and that sticker shock can be a deal breaker.  More often than not when the owner sees the cost they balk and then promptly gets on with the other 43 things they have to get done that day. 

But what if Retirement Plans weren’t expensive? 

While it is true that ERISA (Employee Retirement Income Security Act) retirement plans like a 401(k) or 403(b) do have annual reporting fees that can start in the thousands of dollars, most business owners fail to dig deeper to find out about the myriad of other types of Retirement Plans available. 

SIMPLE IRA’s and Solo 401(k)’s are two of the more popular plans and both have limited or zero annual reporting requirements to the IRS and as such, most have no annual reporting fees!

There are many features and conditions for each type of Retirement Plan, but suffice to say there are several options to look at that can dispel the “it’s too expensive” argument. 

We can walk you through each type of Plan to see which one fits your business.  Contact us today!


Lastly – Remember that in today’s hiring climate, having a Retirement Plan setup and ready to offer to new employees can make the difference in landing a great candidate!



This is meant for educational purposes only.  It should not be considered investment advice, nor does it constitute a recommendation to take a particular course of action. Please consult with a financial professional regarding your personal situation prior to making any financial related decisions.  (06/21)