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re: Best small business retirement account contribution rate for President/ owners?
Posted on 1/5/24 at 2:07 pm to baldona
Posted on 1/5/24 at 2:07 pm to baldona
SEPs would be a percentage for all participants. So if the $25k is 25% of your comp then you certainly don't want to do that.
You will likely need to swap to a 401(k) in order to hit your $ targets. It will probably need to a what is referred to as a Safe Harbor plan in order for you to hit similar targets on contribution dollars if the employees are not going to defer at high rates.
If your targets are lower then you might be able to do a SIMPLE.
You will likely need to swap to a 401(k) in order to hit your $ targets. It will probably need to a what is referred to as a Safe Harbor plan in order for you to hit similar targets on contribution dollars if the employees are not going to defer at high rates.
If your targets are lower then you might be able to do a SIMPLE.
1
Posted on 1/5/24 at 2:26 pm to Maderan
quote:
You will likely need to swap to a 401(k) in order to hit your $ targets.
I'm likely going to switch plans I believe. I appreciate the information. To hit anything reasonable with a 401k though it will need to be employee contributions as employer contributions are capped right?
My problem which I can rework fairly easily, is that like most S-Corp small businesses my W-2 income is not a huge portion of my actual income.
So I guess I'll just need to change that around? Seems like I'll be throwing up a huge audit red flag but so be it I haven't done anything wrong.
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