Strengthen Your Future: How Our Financial Advisors Help Small Businesses Thrive with Retirement Plan

At CoVantage Retirement & Investment Services, we understand that small business owners wear many hats—and planning for retirement shouldn’t be a burden you carry alone. That’s why our professional financial advisors are here to guide you through the process of selecting and managing the right retirement plan for your business, whether it’s a SEP IRA, SIMPLE IRA, or a 401(k). 

Why Retirement Plans Matter for Small Businesses 

Offering a retirement plan isn’t just a perk—it’s a powerful tool for attracting and retaining top talent. According to the U.S. Department of Labor, only about half of private-sector workers have access to an employer-sponsored retirement plan. This gap is even wider among businesses with fewer than 50 employees. Yet, studies show that businesses offering retirement benefits are more likely to be seen as employers of choice, boosting employee satisfaction and loyalty. 

Understanding Your Options 

Our advisors can help you navigate the three most common small business retirement plans: 

• SEP IRA (Simplified Employee Pension): Ideal for self-employed individuals or small businesses with few employees. SEP IRAs allow employers to make tax-deductible contributions to employee retirement accounts. They’re easy to set up and have high contribution limits—up to 25% of compensation. 

• SIMPLE IRA (Savings Incentive Match Plan for Employees): Designed for businesses with 100 or fewer employees, SIMPLE IRAs require employer contributions but are simpler and less costly to administer than 401(k)s. They’re a great entry point for businesses starting to offer retirement benefits. 

• 401(k) Plans: These plans offer the most flexibility and higher contribution limits. Employers can choose to match employee contributions, and employees benefit from tax-deferred growth. While they require more administration, 401(k)s are often seen as the gold standard in retirement planning. 

The CoVantage Retirement & Investment Services Advantage 

Through CoVantage Retirement & Investment Services, you gain access to a full suite of business retirement options, including: 

• Personalized plan design and setup 

• Ongoing plan management and compliance support 

• Employee education and enrollment assistance 

• On-site seminars and one-on-one consultations 

Our advisors are not only experienced but also local and accessible. Whether you're just starting out or looking to upgrade your current plan, we’re here to help you make informed, confident decisions. 

Ready to Get Started? 

Let us help you build a retirement plan that supports your business goals and your employees’ futures. Contact us today at 800-398-2667 ext. 1811 or visit covantagecu.org to schedule a consultation. 

This information was developed as a general guide, but is not intended as authoritative guidance or tax or legal advice.  Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation. 
 

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. CoVantage Credit Union and CoVantage Retirement & Investment Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using CoVantage Retirement & Investment Services, and may also be employees of CoVantage Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, CoVantage Credit Union or CoVantage Retirement & Investment Services. Securities and insurance offered through LPL or its affiliates are: 

The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.  

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