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Message
small business retirement plans options
Posted on 3/24/25 at 11:55 am
Posted on 3/24/25 at 11:55 am
own a small business that's doing fairly well. looking to possibly add to my retirement options through it. have a personal IRA that I max out each year and thats it.
what's an ez affordable option to add another retirement account or 2 through the business?
i do have hourly employees. the ones that been with us long enough do not want to participate. so as of now would only be me (possibly adding my wife at a later point as she is an owner as well)
another IRA or a 401k? not sure if the plans cost the same or one is more to add than the other? is either a PITA to manage from my point of view or they the same?
also would like to do both deferred and if possible a roth, if thats smart? (we wont hit the roth limit for a few years if keep growing like we are but if it stagnates obviously we will be under for a while)
what's an ez affordable option to add another retirement account or 2 through the business?
i do have hourly employees. the ones that been with us long enough do not want to participate. so as of now would only be me (possibly adding my wife at a later point as she is an owner as well)
another IRA or a 401k? not sure if the plans cost the same or one is more to add than the other? is either a PITA to manage from my point of view or they the same?
also would like to do both deferred and if possible a roth, if thats smart? (we wont hit the roth limit for a few years if keep growing like we are but if it stagnates obviously we will be under for a while)
4
Posted on 3/24/25 at 12:01 pm to coonasstiger
Have you looked into a SEP-IRA?
Posted on 3/24/25 at 12:05 pm to coonasstiger
You can only do one IRA (maxxed). You can have multiple IRAs but the maximum yearloy contribution spans across all of them.
401K is possibly doable but with no participation from employees you really need to speak with a financial adviser for the best course of action for you. You cannot do a solo 401K if you have employees.
How old are you as your age affects your max contribution limits.
401K is possibly doable but with no participation from employees you really need to speak with a financial adviser for the best course of action for you. You cannot do a solo 401K if you have employees.
How old are you as your age affects your max contribution limits.
Posted on 3/24/25 at 1:44 pm to VABuckeye
ok i thought i could have a personal IRA and then one through the company as well but if its still just the same yearly amount across both then that doesnt help me. im looking to put another chunk away each year and of course deduct it from my income.
and im knocking on 50 years old if that helps what my decision should be
and im knocking on 50 years old if that helps what my decision should be
Posted on 3/24/25 at 3:36 pm to coonasstiger
I’m a sole proprietor so the rules about “all employees”. Don’t apply to me.
I assume there are requirements that a specific depending on the number of employees.
I’ve had SEP-IRA with Fidelity.
At one point I had a solo 401k with Fidelity.
Both functioned fine.
I assume there are requirements that a specific depending on the number of employees.
I’ve had SEP-IRA with Fidelity.
At one point I had a solo 401k with Fidelity.
Both functioned fine.
Posted on 3/24/25 at 5:59 pm to coonasstiger
Fidelity, Vanguard and other websites will give you a list of options etc. if you have employees, other than yourself as owner and spouse if they receive compensation, you do not qualify for solo 401k. Personally we use the SEP-ira, no employee fontributions, all employer @up to 25% with max $ limit, much higher than an individual IRA.
Due diligence is necessary
Due diligence is necessary
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