Maximizing Your Retirement: Plan Options

March 04, 2024

Navigating the landscape of retirement planning can be daunting. From Traditional IRAs to Solo 401(k)s and SEP IRAs, each plan offers unique advantages and disadvantages depending on the business structure and individual needs. 

Understanding Your Options

Traditional IRA:

  • A retirement account where contributions are often tax-deductible, and earnings grow tax-deferred until withdrawal.
    • To see more information on a Traditional IRA, click here
  • A retirement account where contributions are made with after-tax dollars, and qualified withdrawals are tax-free.
    • To see more information on a Roth IRA, click here

Solo 401(k):

  • A retirement account for self-employed individuals without employees, allowing for both employer and employee contributions.
    • To see more information on a Solo 401(k), click here

SEP IRA:

  • A retirement plan for self-employed individuals and small business owners, allowing for employer contributions only.
    • To see more information on a SEP IRA, click here

SIMPLE IRA:

  • A retirement plan for small businesses with up to 100 employees, offering employer-matching or non-elective contributions.
    • To see more information on a SIMPLE IRA, click here

Defined Benefit Plan:

  • A retirement plan that guarantees a specified benefit at retirement, typically based on salary and years of service.
    • To see more information on a Defined Benefit Plan, click here´╗┐

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