Retirement Planning for Small Business Owners

Secure Your Future and Empower Your Employees

As a small business owner, your focus is often on growing your company — but planning for your own financial future is just as important. Whether you’re thinking about your personal retirement, providing benefits to your employees, or both, we’re here to help you build a retirement strategy that fits your goals.

At the Cloke Agency, we offer a range of retirement account solutions designed specifically for entrepreneurs, self-employed professionals, and small business owners.

Retirement Account Options

1. SEP IRA (Simplified Employee Pension IRA)
Perfect for self-employed individuals and small business owners, a SEP IRA offers a simple, tax-deferred retirement plan with higher contribution limits compared to traditional IRAs.

  • Employer-funded only
  • Flexible contributions
  • Easy to set up and maintain
  • Contributions are tax-deductible

2. SIMPLE IRA (Savings Incentive Match Plan for Employees)
If you have 100 or fewer employees, a SIMPLE IRA is an excellent choice.

  • Employees can contribute through salary deferrals
  • Employers must either match contributions or make a fixed contribution
  • Easy to administer with low startup and operating costs
  • Ideal for businesses seeking a straightforward, cost-effective retirement solution

3. Solo 401(k)
Tailored for business owners with no employees (other than a spouse), the Solo 401(k) allows you to contribute as both an employer and employee.

  • Higher contribution limits than many other plans
  • Catch-up contributions available for those 50 and older
  • Optional Roth 401(k) feature for tax-free growth
  • Great for maximizing retirement savings

4. Traditional & Roth IRAs
Individual Retirement Accounts (IRAs) are a versatile solution whether you’re just starting to save or supplementing an existing plan.

  • Traditional IRA: Tax-deferred growth with potential immediate tax deduction
  • Roth IRA: Tax-free growth and withdrawals in retirement
  • Available to individuals regardless of employment status
  • Flexible investment choices