Define what the plan needs to accomplish
A retirement plan may be intended to help the owner save more, attract employees, create consistent benefits, or balance several goals. The right starting point is the business objective, not the name of a particular account.
Compare flexibility and commitment
Contribution rules, employee eligibility, testing, setup costs, and ongoing administration vary by plan type. Consider how predictable the business cash flow is and how much responsibility the company can manage each year.
Coordinate the professional team
Retirement plan design can involve a financial advisor, tax professional, recordkeeper, and third party administrator. Ask each professional to explain their role, costs, and the decisions that require ongoing attention.