Charles Brown owns a small business with 60 employees.Currently his business does not have a retirement plan.He wants an easy method of offering retirement benefits to his employees.Which of the following would most likely be Charles' best option?

Question

Quizplus · Accepted Answer

A SIMPLE IRA plan is designed for small businesses with fewer than 100 employees and offers an easy and affordable way to provide retirement benefits. This plan requires little administrative work and allows both Charles and his employees to contribute to the plan. The contribution limits are also higher than a traditional IRA, making it a good option for those looking to save more for retirement. Roth IRA and stock options are individual retirement options and may not provide benefits to all employees. 403(b) plans are typically used by tax-exempt organizations, while a 401(k) plan may be more expensive and complex for a small business to set up and maintain.

Charles Brown Owns a Small Business with 60 Employees