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Self employed retirement plans?
Posted on 6/12/14 at 7:09 pm
Posted on 6/12/14 at 7:09 pm
SEP? Solo? Just invest in funds?
Trying to figure out where to start on an IRA as a self employed businessman with only a handful of employees making minimal pay (around $10/hour - 20 hours a week). The employees are college age kids who probably won't be interested/able to start a retirement plan so I'm not all that concerned with having to match anything I offer to them. Just trying to get the most return on my money. Thanks!
Trying to figure out where to start on an IRA as a self employed businessman with only a handful of employees making minimal pay (around $10/hour - 20 hours a week). The employees are college age kids who probably won't be interested/able to start a retirement plan so I'm not all that concerned with having to match anything I offer to them. Just trying to get the most return on my money. Thanks!
4
Posted on 6/12/14 at 7:18 pm to DzNtz
Depends on many factors.
How much you would like to contribute?
Are you opposed to contributing to employees accounts? SEPs require employee contributions if you contribute to your own.
There's others, but these ar two questions that I would answer if I was to start that process.
How much you would like to contribute?
Are you opposed to contributing to employees accounts? SEPs require employee contributions if you contribute to your own.
There's others, but these ar two questions that I would answer if I was to start that process.
Posted on 6/12/14 at 7:25 pm to Cmlsu5618
Look into simple as well
Posted on 6/12/14 at 7:41 pm to Cmlsu5618
Looking to contribute more than allowed by a 401k (17,500 I think is max right now).
Not opposed to matching employees yet but thinking about expanding soon and don't really want to be required to match in the near future if I am hiring manager types. I'm trying to grow business for a while before spending money to match retirement plans for college age employees. That might sound selfish/harsh but just trying to get to a place that I don't have to be as stringent.
Not opposed to matching employees yet but thinking about expanding soon and don't really want to be required to match in the near future if I am hiring manager types. I'm trying to grow business for a while before spending money to match retirement plans for college age employees. That might sound selfish/harsh but just trying to get to a place that I don't have to be as stringent.
Posted on 6/12/14 at 8:28 pm to DzNtz
412i
Posted on 6/12/14 at 9:03 pm to DzNtz
That isn't the max contribution for 401k. I can take up to $57500 a year including the company match. The problem is your employees get in the way of that.
Posted on 6/12/14 at 9:07 pm to DzNtz
I have a SEP, although I don't have employees, and you can contribute up to 25% of your income. Between that and a Roth I can contribute a hefty amount annually.
Posted on 6/12/14 at 10:13 pm to DzNtz
How is your business taxed? C Corp? S corp? Sole Prop on Sch C?
Posted on 6/12/14 at 10:19 pm to LSUFanHouston
S corp
Accountant is recommending SEP but I wanted to explore all my options. Don't know much about the specific plans. Thanks for all the replies so far
Accountant is recommending SEP but I wanted to explore all my options. Don't know much about the specific plans. Thanks for all the replies so far
This post was edited on 6/12/14 at 10:20 pm
Posted on 6/13/14 at 1:08 am to DzNtz
If you do a sep with an advisor that charges fee based you can deduct the expenses of that fee based from taxes
Posted on 6/13/14 at 9:51 am to VABuckeye
You are probably talking about a 401k with a profit-sharing component, not a straight 401k plan?
Posted on 6/13/14 at 10:28 am to DzNtz
S Corp means if you do a retirement plan, you have to do it inside the S Corp. Which means offering it to eligible employees.
There are some ways you can design the plan, within reason, regarding the employees. Regarding number of years of service, hours per year, etc. Your CPA can help with that.
S corps are great for the payroll tax savings, but they are real limiting with other things.
There are some ways you can design the plan, within reason, regarding the employees. Regarding number of years of service, hours per year, etc. Your CPA can help with that.
S corps are great for the payroll tax savings, but they are real limiting with other things.
Posted on 6/13/14 at 10:07 pm to DzNtz
Look into one-person defined benefit plans.
Posted on 6/14/14 at 8:09 am to tigerrocket
Nope. Straight 401k plan.
This year the limit is $52000 but because of my age I can contribute an additional $5500.
quote:
Plans set up under section 401(k) can also have employer contributions that (when added to the employee contributions) cannot exceed other regulatory limits. The total amount that can be contributed between employee and employer contributions is the section 415 limit, which is the lesser of 100% of the employees compensation or $50,000 for 2012 and $51,000 for 2013. Employer matching contributions can be made on behalf of designated Roth contributions, but the employer match must be made on a pre-tax basis.
This year the limit is $52000 but because of my age I can contribute an additional $5500.
This post was edited on 6/14/14 at 8:10 am
Posted on 6/14/14 at 8:37 am to LSUFanHouston
quote:
There are ways you can design the plan
That sounds reasonable. Basically I can limit how much I match ?
Posted on 6/14/14 at 8:49 pm to DzNtz
Build your business up and sell it.
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