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How do I go about setting up a business retirement plan?
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To begin setting up a business retirement plan, you will need to decide which type of plan works best for your business and its employees. There are different types of retirement plans, such as 401(k)s, profit sharing plans, SEP IRAs, and SIMPLE IRAs, so you should weigh the pros and cons of each to determine which option is right for you. Once you have chosen a plan, you should speak with an accountant and/or financial advisor to review the details, including any legal and financial obligations, before setting up the plan. You should also discuss the best ways to manage contributions and distributions, and to ensure that the plan meets the retirement needs of your employees.