Business Professionals

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We help professionals become financially self-sufficient, so they don’t have to rely on a pension, social security, or even the income from their job to have the freedom to retire as early as possible and start fully enjoying their lives.

Working with Business Professionals

Through Small businesses like yours are the backbone of our economy. While we remain focused on our clients, we often neglect our own business financial planning, especially for retirement. A retirement plan for your business may be one of those things that you hope to get to “someday,” but there’s never been a more important time to think about a plan for yourself and your business. Why?

  • The right plan will replace owners’ income in retirement – Most business owners plan on selling their businesses when they want to retire. The challenges of selling your business are numerous, but two of the larger difficulties are:
    • The business is dependent on the reputation and skills of the owner and these are not quickly transferable.
    • The timing is not always an option – health and family issues often intervene to alter the owners’ plans.
  • Retirement plans offer tax advantages – Advantages apply to both owners and their employees including:
    • Reduced taxable income – Contributions to a retirement plan generally reduce an individual’s taxable income.
    • Tax-deferred growth – Earnings in the business retirement plan grow without annual taxation allowing for compounding and, potentially, the ability to save more for retirement.
  • Employee Retention and Recruitment improves when a retirement plan is offered – Having a business retirement plan demonstrates the owners’ commitment to assisting employees save for their own retirement. The existence of a plan will often attract higher quality employees and keep them employed at the business for the longer term.

Our clients gain confidence knowing they will always be able to take great care of themselves and their families.  They also gain: 

  • Financial confidence knowing they have a plan set in place to help their money last through retirement
  • Assurance in knowing they have professional assistance with their finances
  • They know they have an advisor they can trust with a process that aims to meet their goals

 

Which retirement plan is right for my business?


The answer depends on a number of different factors that are unique to your circumstances. The best option is to contact us and we will recommend a personalized plan to fit you and your company’s specific requirements and needs.

To learn the basics about the different retirement plans, click on the link

SIMPLE IRA
SEP IRA
Owner only 401k
Profit Sharing 401k
Defined Benefit Plans

If you are interested in receiving a brochure describing business retirement plans in more detail, please email Barbara to request one.

For 2021 contribution limits, click here.


What does my business receive when working with our team?
CRAIG WEALTH ADVISORS’ ROLE:

Our team will not only assist in evaluating options, but will work with you on an ongoing basis to coordinate the different components of the retirement plan process. We believe that establishing a retirement plan for your company also means creating long-term relationships with your employees – helping them understand how to invest and coordinate their retirement plan allocations with their other assets to develop comprehensive, personalized financial plans.

To achieve this,

  • We will meet with you, the business owner, to determine which retirement plan is best suited for the business and your goals.
  • We will meet with each employee to complete the necessary paperwork.
  • The team at Craig Wealth Advisors will set up and manage the retirement plan so you can concentrate on growing your business.
  • Once the plan is set up, we meet with each participant on a regular basis to discuss their investment options and goals.
  • Our team will work with each new employee to ensure they have a solid understanding of the benefits of participating in the retirement plan.


DEBBIE’S BACKGROUND AND EXPERIENCE:

Debbie grew up in a small independent insurance adjusting business. Her parents worked very hard to grow the company to four locations throughout Michigan with a staff of 20. They knew their business, but no one was helping them plan for their future. Large companies have the advantage of pensions and benefits, but the smaller companies need financial advice to guide their financial futures. No one is waiting at retirement time to hand the small business owner anything.

Debbie is proud to dedicate her time and energy to help Northern Michigan business owners develop a plan that is designed to help them retire with financial independence.

She has over 20 years of financial planning experience during which time she has worked with many different businesses in the area to set up, administer and manage their retirement plans. She combines this experience with her CFP® to help all plan participants to move toward a successful retirement. Click here to learn more about her experience and qualifications.

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To help us get to know you better please complete this questionnaire and return to us prior to our first meeting.