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Owner Only 401(k) Plans

An estimated 17 million people in the U.S. file their taxes as owner-only businesses. As a self-employed individual, are you looking for efficient ways to save for retirement and pay less in taxes?

Owner-only 401(k) plans have the same advantages of larger 401(k) plans—without the extensive administrative responsibilities, complex discrimination tests and associated costs. In many cases, self-employed business owners are able to save significantly more in an Owner-Only 401(k) than they could in a SEP or SIMPLE plan and provide for a larger tax deduction.

Key features of Owner-Only 401(k) Plan include:

  • Higher contribution limits
  • 50 or older catch-up contribution
  • Pre-tax deferral contributions
  • Designated Roth contributions
  • Profit-sharing contributions
  • Rollovers allowed
  • Loans allowed in most plans
  • Low cost for administration

Please call today for more information on Owner-Only 401(k) plans.

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