As a business owner, your retirement plan should be as efficient and adaptable as your company. If your current 401(k) or SIMPLE/SEP IRA feels too expensive, too confusing, or underused, it may be time for a fresh look. The right plan can simplify administration, improve participation, and help you save more for the future.
Why Business Owners Reevaluate Their Plans
Many business owners reach a point where their retirement plan no longer fits. Common warning signs include:
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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 administrative tasks take too much time or cause errors.
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Fees seem high or unclear, and service is slow.
If any of those sound familiar, you’re not alone—and fixing them may be easier than you think.
Illinois and Missouri Employers: Know the Rules
Illinois law requires businesses with five or more 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, upgrading to a 401(k) or other plan offers more flexibility—higher contribution limits, employer match options, and better design features.
Missouri employers face no such mandate, but the new Show-Me MyRetirement Savings Plan offers a voluntary option for those who want to provide a benefit without heavy administration.
What to Decide First
Before switching providers or setting up a new plan, clarify:
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Your goals for the next 3–5 years (recruiting, higher savings, or simplifying admin).
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Who the plan covers—owner-only, small team, or multiple locations.
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Budget for contributions and total plan costs.
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Your level of involvement in investment oversight and plan management.
Knowing these details will help your advisor match the right plan design to your business needs.
Choosing the Right Plan Structure
The type of plan you choose affects your costs, contribution limits, and administrative load.
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401(k) with or without Safe Harbor — Scalable and flexible for growing teams.
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Owner-only/Solo 401(k) — Ideal for self-employed owners or married couples.
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SIMPLE or SEP IRA — Streamlined for smaller teams or fluctuating income.
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Cash Balance Pension — Can be layered with a 401(k) for higher pre-tax savings.
Your advisor can help you compare these options and align them with your business owner and self-employed planning goals.
Features That Make a Difference
A well-built retirement plan should be easy to use and encourage consistent saving. Look for:
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Automatic enrollment with gradual savings increases.
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Roth and pre-tax options for tax flexibility.
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A low-cost investment lineup with sensible defaults such as target-date funds.
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Strong payroll integration and clear employee communication.
These features reduce friction and increase both employee participation and employer satisfaction.
Get the Free Business Owner Retirement Plan Checklist
Want to see exactly what to look for—and what to fix first? Request the Business Owner Retirement Plan Checklist from Genesis Wealth Management Group. It walks you through every step of evaluating, upgrading, and simplifying your business’s retirement plan.
Local Guidance for Better Plans
Genesis Wealth Management Group partners business owners with an advisor and CFP® team to design, launch, and maintain retirement plans that are practical, compliant, and easy to manage.
If you’d like a quick review of your current setup, we can help you identify next steps for improving your retirement plan and your long-term outcomes.
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 or 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.
