For small business owners, that assessment may also mean investigating whether the plan you have still fits your business needs. Consider this: A recent Fidelity survey of more than 600 small business owners who already offer SEP-IRA, SIMPLE IRA or Self-Employed 401(k) plans found a significant lack of understanding among owners of the plans they currently have.
Specifically, only 45 percent of those surveyed who have a SEP-IRA knew that contributions with this type of retirement plan are made solely by the employer. And only half of business owners surveyed with a Self-Employed 401(k) plan knew that they could make an additional contribution of up to 25 percent of compensation up to a maximum of $50,000 annually (as of 2012).
Photo by Guilherme Tavares