If your current 401(k) or SIMPLE/SEP feels too expensive, too confusing, or simply underused, this quick guide will help you decide whether to switch providers or start a new plan—and what to fix first for better outcomes.
Note for Illinois employers: State law requires businesses with five or more Illinois employees and at least two years in operation to offer their own retirement plan or facilitate the Illinois Secure Choice program. If you’re currently on the state IRA, you may be considering an upgrade to a 401(k) or other plan to gain higher limits, employer contributions, and more design flexibility.
Missouri employers do not have a mandate; the new Show-Me MyRetirement Savings Plan is voluntary.
Why Business Owners Consider a Change
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Employees aren’t joining or saving enough.
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You can’t reliably save what you’d like each year.
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Payroll and admin tasks take too much time or cause errors.
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Fees seem high or unclear; service is slow.
What to Decide First
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Your goals for the next 3–5 years: recruiting, higher savings, admin relief, or maximizing owner contributions.
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Who the plan will cover: owner-only, small team, or multiple locations.
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Budget for employer contributions and overall plan costs.
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How hands-on you want to be with investments and oversight.
Right-Sized Plan Structures (Plain English)
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401(k) with or without Safe Harbor — flexible and scalable for growing teams.
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Owner-only/Solo 401(k) — best when it’s just you (and possibly your spouse).
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SIMPLE or SEP IRA — streamlined for very small teams or variable income.
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Add a “cash balance” pension alongside a 401(k) to save more pre-tax.
Learn more about retirement plan options for business owners and how to align them with your goals.
Must-Have Features for Better Outcomes
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Automatic enrollment and gradual step-ups in savings.
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Roth option alongside pre-tax for tax flexibility.
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Straightforward, low-cost investment lineup with a sensible default (e.g., target-date fund).
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Solid payroll ↔ recordkeeper connection and brief, practical employee education.
Get the Business Owner Retirement Plan Checklist — Free PDF
Want the detailed, step-by-step tool that makes this easy and repeatable? Request the Business Owner Retirement Plan Checklist and we’ll send it to you.
Request the checklist: bill@genesisfg.com
618-258-4372
Local, Hands-On Help
Genesis Wealth Management Group partners business owners with an advisor + CFP® team to design, launch, and maintain plans that are easy to run and easy to use.
If you’d like a quick review of your current plan, we can outline simple next steps for your business retirement plan.
Disclosure
All content is for information purposes only. The information contained in this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. Opinions expressed herein are solely those of Genesis Wealth Management Group, LLC and our editorial staff. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Investment advisory services offered through Genesis Wealth Management Group, LLC.
