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Small Business Retirement Plans That Work for You and Your Employees

You have built something worth protecting — and a retirement plan is part of that picture, both for the people who work with you and for yourself. At Some1 Family Office, we help small business owners in Atlanta and across Georgia figure out which plan fits their situation, then handle the setup so it is not one more thing on your plate.

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What It Means to Work with an Independent Agency

Small business retirement plans are not one-size-fits-all. The right structure depends on how many employees you have, how much you want to contribute, and how much administrative complexity you are willing to carry. Here is what we advise on:

 

  • SIMPLE IRA — Designed for businesses with 100 or fewer employees. Requires employer contributions (either a match or a flat percentage), but carries minimal administrative burden and no annual filing requirements. A strong starting point for employers offering a retirement benefit for the first time.
  • SEP IRA — Ideal for self-employed individuals and small practice owners. Contribution limits are significantly higher than a traditional IRA, and the employer can vary contributions year to year based on business performance. Simple to establish and maintain.
  • 401(k) — The most flexible plan structure for growing businesses. Employees contribute from their own paycheck, employers can match, and contribution limits are the highest of the four options. Requires a third-party administrator and annual compliance filings, but remains the most recognized and valued retirement benefit in the market.
  • Cash Balance Plan — A defined benefit plan that allows high-income business owners to contribute well above 401(k) limits, often $100,000 or more annually, depending on age and income. Best suited for owners who have not prioritized retirement savings and need to accelerate. Often combined with a 401(k) for maximum impact.

Offering a Retirement Benefit Is Now Table Stakes

If your competitors are offering a 401(k) and you are not, that gap shows up in recruiting conversations. Skilled employees — particularly in trades, professional services, and medical practices — are comparing total compensation packages, and retirement benefits are part of that calculation.

 

The good news: a SIMPLE IRA or basic 401(k) does not require a large employer contribution to be meaningful. The structure itself signals stability. We work with small business owners across Atlanta, Norcross, Lawrenceville, and Peachtree Corners to get plans in place with minimal administrative burden on the employer side. You do not need an HR department to offer a competitive retirement benefit — you need the right setup from the start.

Which Plan Is Right for Your Situation?

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You Are a Business Owner Who Has Not Saved Enough for Retirement

If you have spent the last decade reinvesting in the business and your personal retirement savings have not kept pace, a SEP IRA or cash balance plan can close that gap faster than a standard IRA allows. SEP IRA contributions can reach up to 25% of net self-employment income, with a 2024 limit of $69,000. Cash balance plans can go further — and when combined with a 401(k), some business owners in their 50s and 60s can contribute $200,000 or more per year in tax-deferred savings. The business built your income. Now it can fund what comes after.

You Are a Practice Owner Looking to Attract and Retain Clinical Staff

Chiropractors, dentists, optometrists, and small medical offices compete for staff against larger health systems that offer full benefit packages. A retirement plan — even a SIMPLE IRA with a modest employer match — narrows that gap meaningfully. We help practice owners structure a plan that is affordable to maintain while still being competitive enough to matter in a hiring conversation.

You Are a Trades or Construction Business Ready to Formalize Benefits

Electricians, plumbers, HVAC contractors, and general contractors often reach a point where informal compensation is no longer enough to keep experienced employees. A retirement plan formalizes the relationship and signals that the business is built to last. A SIMPLE IRA is typically the right starting point — low administrative overhead, employer contributions that are tax-deductible, and a benefit employees actually understand.

Common Questions About Small Business Retirement Plans

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  • What retirement plan should I offer my employees in Georgia?

    For most small businesses with fewer than 100 employees, a SIMPLE IRA is the easiest place to start — low administrative burden, no annual filing requirement, and a recognizable benefit employees value. If you have more flexibility in your budget and want higher contribution limits, a 401(k) gives you more options. We review your headcount, payroll structure, and goals before recommending anything.

  • How much can I contribute to a SEP IRA as a self-employed business owner?

    For 2024, SEP IRA contributions can reach up to 25% of net self-employment income, with a maximum of $69,000. That ceiling is significantly higher than a traditional or Roth IRA, making it one of the most efficient retirement savings tools available to sole proprietors and single-member practices.

  • What is a cash balance plan and who is it best for?

    A cash balance plan is a type of defined benefit plan that allows business owners to contribute substantially more than a 401(k) alone permits. It is best suited for high-income owners — typically in their late 40s or older — who want to accelerate retirement savings and reduce current-year taxable income. It is often structured alongside a 401(k) for maximum contribution capacity.

  • How much does it cost to set up a 401(k) for a small business?

    Costs vary based on plan design, the number of participants, and the third-party administrator you use. The SECURE 2.0 Act expanded tax credits for small businesses starting new retirement plans, which can offset a significant portion of setup and administrative costs in the first three years. We walk through the economics with you before recommending a structure.

  • Can I set up a retirement plan mid-year, or does it have to start in January?

    SIMPLE IRAs must be established by October 1 of the plan year. SEP IRAs can be set up as late as your tax filing deadline, including extensions — making them one of the most flexible options for business owners who decide late in the year. 401(k) plans can be established mid-year, though certain design features have timing requirements. We help you navigate the deadlines based on your situation.

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Start With a Conversation

Not sure which plan makes sense for your business? That is exactly what the first conversation is for. We will look at your headcount, your goals, and your budget — and give you a clear picture of what fits before anything is set in motion.