Retirement Plan Options for Dublin, Ohio Small Business Owners Nearing Retirement

Most W2 employees receive a welcome letter and sign up for their company’s retirement plan—easy enough. But if you're a small business owner in Dublin, Ohio, planning your retirement takes more strategy.

You’ve spent years building a successful company, but have you taken the same care in planning your exit and retirement income? If you’re 50 or older and own a business with 1 to 100 employees, the retirement plan you choose today can help you accumulate wealth for your future and reduce your personal and business tax liabilities.

Choosing the right plan depends on factors like the size of your business, your income goals, and your desire to support employees. Below are some of the most common options:

Common Retirement Plans for Small Business Owners

1. SEP IRA (Simplified Employee Pension IRA)
Best for: Sole proprietors and businesses with a small team
Contributions: Employer-only, up to 25% of compensation or $70,000 (for 2025)
Tax Benefits: Contributions are tax-deductible and grow tax-deferred
Flexibility: Ideal for years with unpredictable income

2. SIMPLE IRA (Savings Incentive Match Plan for Employees)
Best for: Businesses with 100 or fewer employees who want low administrative burden
Contributions: Employer matches up to 3% or contributes 2% for all eligible employees
Tax Benefits: Employer and employee contributions lower taxable income
Ease of Use: Simpler than traditional 401(k) plans

3. Solo 401(k) (Individual 401(k))
Best for: Self-employed individuals or business owners with no employees other than a spouse
Contributions: Up to $69,000 ($76,500 if 50+), combining employee and employer amounts
Tax Benefits: Deferrals reduce income, with tax-deferred or Roth growth options
Additional Features: Great flexibility for high earners with no staff

4. 401(k) Plans
Best for: Owners looking to offer retirement benefits to employees while maximizing personal savings
Contributions: Up to $23,500 (2025) in employee deferrals plus employer matching
Tax Benefits: Employer contributions are deductible; employee contributions lower income
Optional Safe Harbor: Avoids IRS testing but requires mandatory employer match

5. Defined Benefit Pension Plan
Best for: High-income owners seeking large annual retirement contributions
Contributions: Based on age, salary, and service—can exceed $300,000 annually
Tax Benefits: Major tax deductions and guaranteed retirement income
Long-Term Benefit: Powerful tool for catch-up savings and income planning

How a Financial Advisor Can Help You Choose the Right Plan

Choosing a plan isn’t just about the numbers—it’s about your vision for the future. A financial advisor can help you:

• Assess Your Personal and Business Goals
  Align your retirement strategy with your income needs and legacy goals.
• Optimize Tax Savings
  Reduce both business and personal taxes by structuring contributions efficiently.
• Maximize Contributions
  Make the most of your plan by utilizing full limits and employer matching.
• Stay Compliant
  Ensure your plan follows all IRS and Department of Labor requirements.
• Integrate With Succession Planning
  Retirement plans and business exits often go hand-in-hand.
  Read more about how a business valuation is important during succession planning here!

How Can We Help?

The right retirement plan doesn’t just prepare you for the future—it can also help you save more now. Whether you’re seeking flexibility, simplicity, or the ability to make large contributions, there's a plan that can fit your business and retirement goals.

We’d love to help you understand which plan makes the most sense for your situation.

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Schedule a time with Craig and get started on a plan that works for you.

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