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re: Best small business retirement account contribution rate for President/ owners?
Posted on 1/5/24 at 3:58 pm to slackster
Posted on 1/5/24 at 3:58 pm to slackster
Yeah I'm conservative with my S-corp. I've heard plenty of stories of people paying themselves $20k a year or whatever and $200k+ in distributions. I could reasonable hire someone for what I pay myself, but still none of my employees make over $70k so offering any sort of retirement plan I won't be able to do a damn thing with employer contributions anymore?
Everything on the web is Small business plans for individual owners, almost nothing for small businesses with 5-20 employees like a trades company, retail shop, restaurant, etc. where the owner makes considerably more than any employees.
Everything on the web is Small business plans for individual owners, almost nothing for small businesses with 5-20 employees like a trades company, retail shop, restaurant, etc. where the owner makes considerably more than any employees.
Posted on 1/6/24 at 11:49 am to baldona
quote:
but still none of my employees make over $70k so offering any sort of retirement plan I won't be able to do a damn thing with employer contributions anymore?
You can do a SIMPLE and match up to 3% as employer contributions.
You can also look into cash balance plans, but may not be worth the administrative costs.
This post was edited on 1/6/24 at 11:51 am
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