If you are a business owner, you may be searching for retirement plan options that benefit their employees and themselves, without incurring burdensome costs or administrative complexity. SEP and SIMPLE IRAs can be great alternatives to 401(k)s, each offering attributes that could be attractive, depending upon your specific circumstances. Comparing these two options can be difficult, as there are multiple factors to weigh.
This flow chart will help you navigate the decision making process. It covers pertinent factors, including: