401(k) vs. SEP IRA for Small Businesses
401(k) vs. SEP IRA for Small Businesses As a small business owner, selecting the right retirement plan for yourself and your employees is a critical
401(k) vs. SEP IRA for Small Businesses As a small business owner, selecting the right retirement plan for yourself and your employees is a critical
Retirement Plans for Small Business Owners As a small business owner, you probably wear a lot of hats. From managing employees to overseeing operations, it
Understanding the Basics of SEP IRA Rules for Self-Employed Individuals SEP IRA, or Simplified Employee Pension Individual Retirement Arrangement, is a retirement plan tailored for
Introduction: Planning for retirement is a crucial aspect of financial management. With numerous options available, choosing the best retirement plan can be overwhelming. In this
Introduction: SEP IRA vs SIMPLE IRA In the realm of retirement planning, selecting the appropriate retirement account can significantly impact your financial future. Among the
Introduction: SEP IRA vs SIMPLE IRA In the realm of retirement planning, selecting the appropriate retirement account can significantly impact your financial future. Among the
Introduction: SEP IRA Fidelity In the realm of retirement planning, finding the right investment vehicle is paramount. One option gaining popularity among small business owners
Introduction: SEP IRA vs Roth IRA When planning for retirement, understanding the different types of Individual Retirement Accounts (IRAs) is crucial. Two popular options are
Introduction: SEP IRA vs Solo 401k Planning for retirement is a crucial aspect of financial management, and choosing the right retirement plan can significantly impact
Introduction: As we step into 2024, it’s essential to stay informed about the latest updates regarding Individual Retirement Accounts (IRAs). IRA contribution limits play a
Hi ,
The information you have provided is as follows:
Three year average income:
Participant’s age:
A participant with the above mentioned parameters can accumulate
(Lump Sum at Retirement Amount) till he reaches an assumed retirement age of (Retirement Age) . In the first year, a maximum contribution of (Maximum Contribution) can be made to the plan.
A plan can be incorporated at any time during the year, and within a certain time in the following year. The funding of the defined benefit plan can also happen any time before the company files its tax returns.
If you have employees, the IRS mandates you to make available a retirement plan for employees as well. Depending on the plan design, you will be required to contribute an amount of 3% to 7.5% of the employee wages in a profit sharing plan. We will consult with you to come up with the best plan design based on your circumstances and company demographics. Our Census Request Form will be emailed to you which has to be filled and sent back to info@pensiondeductions.com .
Please enter your email address below. A comprehensive report shall be emailed to you outlining the further steps you need to take in order to get started with a defined benefit plan.
Please note that these contribution amounts are approximate amounts and only for the first year of the plan. These amounts still need to be certified by an actuary and contributions should not be made based only on the amounts generated by the online calculator without consulting an actuary.
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