Retirement Planning for Businesses in on Long Island Growth-Focused Retirement Planning for Businesses
Business 401(k) Plans for Small and Large Companies
Growing a company can be hard (we’ve been there). Growing your business’s retirement plan shouldn’t have to be. Whether you’re a business of 1 or 100, we offer a variety of diverse retirement plans to help you grow your company and save on taxes. Yup, you really can have your cake and eat it, too.
Amir’s Anecdote
I’ve had clients who’ve gone bankrupt, and who’ve discovered they were pregnant when they couldn’t afford rent, let alone a cup of coffee. Now, they’re successful entrepreneurs who have started their own video production, and entertainment business. Together, we worked to create a successful and sustainable business so they can retire with peace of mind. They’re on track to retire at an early age, and they’re thriving. How would you like to grow your money now and later?
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Small Business Retirement Plans for All Company Sizes
Take home more of your hard-earned dollars and invest for the future. Our Chartered Retirement Plan Specialist (CRPS™) advisors, Certified Financial Planners (CFP®s), and IRS Enrolled Agents (EA) make growing your business their business.
Plan with taxes in mind
We’ll create N number of potential scenarios and plans to help reduce the amount of your income that’s taxable.
401(k) plans, SEP IRAs, SIMPLE IRAs: We do it all!
Align your business’s future with its finances to create new opportunities that meet your work and personal needs.
Fee-only financial planning
We never receive kickbacks or commissions for any sales we make. We’re here to serve you — and only you.
Contributions multiplied
Enjoy contribution limits higher than those of traditional IRA accounts. Make contributions that are often tax-deductible by the business.
Portfolio options available
Take the guesswork out of investing with funds, stock, and model portfolios.
Which Business 401(k) Retirement Plan Works for You?
Self-Employed 401(k)
This 401(k) plan is best for the self-employed individuals whose business consists of themself and their spouse.
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Simplified Employee Pension (SEP) IRA
SEP IRAs are perfect for the self-employed person or small-business owner with five employees or less.
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Simple IRA
Enroll in an employer-match plan for your business. Simple IRAs are perfect for businesses with 100 or fewer employees and who are looking for a plan that allows you to save for retirement while also limiting your tax liability.
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Simple 401(k)
or Starter 401(k)
Try out a low-cost, simplified 401(k) — perfect for businesses with up to 100 or 1,000 employees.
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Traditional 401(k)
Invest with a tried-and-true traditional 401(k) that supports existing plans of up to $1 million (or more).
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Cash Balance or Defined Benefit Pension
Enjoy access to brokerage accounts for individuals looking to have a separate retirement plan document but would like to include portfolio and investment options from N Financial Plans.
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Key Differences Between Small Business 401(k) and Simple IRAs
Yup, the financing world has a lot of names for basic concepts. Any type of employer an open small business 401(k) plans, but a Simple IRA is built for businesses with up to 100 employees.
The Road To Retirement Planning As Easy as 1, 2, 3
A Retirement Plan for Small Business in 3 Simple Steps
Bring us up to speed
During your initial complimentary consultation, we’ll get to know each other. We’ll ask you a few questions about yourself and your business so we can create a customized plan that fits your needs and helps you reach your goals.
We’ll propose You review
After getting to know your unique needs and preferences, our Chartered Retirement Plans Specialist (CRPS™) advisors send you a custom proposal to review. During the review process, you can modify plan features, adjust purchasing options, and much more. We’ll walk you through your options and clarify questions as needed.
Choose your retirement plan
After reviewing N different number of financial plans, you’ll select your preferred business retirement plan. We’ll take care of the rest.
We’ve Got Lots of Answers. Fire Away!
Frequently Asked Questions About Small Business 401(k) Plans
We understand that money isn’t easy. And choosing a wealth manager? Even more intense. Our FAQ section is designed to answer some of the most common questions our clients have asked. Don’t see your questions here? Feel free to ask us any questions you might have. We’d be happy to answer!
What type of businesses can set up small business 401(k)s?
What type of businesses can set up small business 401(k)s?Corporations, sole proprietorship, partnerships, and nonprofit organizations can establish a small business 401(k) plan with us. Whether you’re a business with one employee, 100, or even 1,000, we do retirement plans for small businesses across the globe.
(N number of financial plans for N number of regions across the world)
What are the potential tax benefits of setting up a 401(k)?
What are the potential tax benefits of setting up a 401(k)?As a small business owner, employer contributions are deductible by the business (which means more money back in your pocket — nice!).
Participant pre-tax contributions and earnings aren’t taxed until they’re withdrawn by the individual (which means more time for your money to grow — also nice!)
What’s a safe harbor plan?
What’s a safe harbor plan?Safe harbor 401(k) plans are types of retirement plans that allow small business owners to avoid the IRS’ annual non-discrimination testing.
Sounds like a no-brainer, right? Yes and no.
Safe harbor plans require mandatory employer contributions and immediate vesting for employees. What does that mean? That means each small business retirement plan’s employer contributions must be given to employees, and once those contributions land in the employees’ retirement accounts, they belong to the employee.
Safe harbor plans can be a real boon for employees and employers, because of the nature of the give-and-take relationship between the employer and employee.
How do traditional IRA and Roth IRA 401(k) retirement accounts differ?
How do traditional IRA and Roth IRA 401(k) retirement accounts differ?Here’s the scoop:
The main difference between Roth and traditional 401(k) contributions involves when taxes are paid out.
- Roth contributions: Federal taxes are due in the same year you contribute. When you take a qualified withdrawal from your 401(k) account, all earnings gained on top of the Roth contributions will be tax-free. A withdrawal on a Roth contribution account can be made at least five years after the year of your first designated Roth contribution (which includes the first year as part of the five years) and is made on or after a person’s 59 and a half birthday, upon a disability condition, or death.
- Traditional 401(k) contributions: don’t require taxes to be paid at the same time you contribute. Taxes on contributions and earnings are due when withdrawn.
Do you need to file a business 401(k) to the IRS?
Do you need to file a business 401(k) to the IRS?It depends. Employers with eligible W-2 employees need to file an IRS Form 5500 each year. Sometimes, if the IRS requires it, a signature-ready Form 5500 will be prepared for employer review.
There are N number of ways to grow your 401(k) account and save on taxes We’ve got N number of plans to help you reach your goals
About Our Business 401(k) Team
Welcome to N Financial Plans
I’m Amir Noor, CFP®, EA, CRPS™, founder and owner of N Financial Plans
I founded N Financial to provide retirement, financial, investment, and tax planning services for people who can’t afford the wrong advice. Believe me, I’ve taken bad advice, and I’ll never make that mistake again.
I began managing money for my immigrant family as a teenager, so I understand what it’s like to start fresh. I “get it”, because I’ve lived it.
Now, I bring decades of professional experience to the table with a calm, strategic mindset.
We don’t sell insurance. We don’t earn commissions. Zero product sales, too. We work directly for our clients.
Whether you’re looking for quality tax planning to optimize your finances, clean up a mess, or simply get clarity on what matters, N Financial Plans helps you plan for the future and invest in the present for your business’s current situation and the last chapters of your life.
We know there are N number of ways to do business. We’re here to make those plans a reality.
Let’s Build Your Business and Your Future
Business 401(k) Solutions for Small and Large Companies
Get Your 401(k) Proposal Today Request a customized business 401(k) retirement plan with our Certified Financial Planners®, Chartered Retirement Plans Specialist advisors, and IRS Enrolled Agents. Please fill out the form, or call to get started.
Monday to Friday 9:30AM – 4 PM
By Appointment Only (But, if the stock market is open, we’re open.)
(631) 629-1794
179 New York Avenue, 2nd Floor Huntington, NY 11743
[email protected]