The tax-advantaged retirement savings plans, such as IRAs and 401(k)s, provide small business owners a way to save for retirement with plans that provide higher contribution limits than other individually managed plans.
A retirement plan helps an individual to set aside an amount, whether lump sum or periodically, into their accounts for the purpose of saving monies after they retire, and do not have any potential sources of earning. Some retirement plans, such as 401(k) and IRA has a higher contribution limit, so that the individuals can also save taxes in the current periods.
Learn more about a retirement plan here:
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