Yes, You Can Have A Retirement Account
As entrepreneurs you have many opportunities to set your finances up for success. Retirement plans and options are available, you just have to plan and set up your business up to include them. An option for some business owners may be starting with a savings account and setting aside an amount you will send to your 401K plan consistently. The important key to the process is being realistic and consistent. Today, we share one option for entrepreneurs and small business owners to get them started on establishing their retirement.
"Advantages that a 401(K) has over a SEP-IRA include the ability for the individual to take a loan from the plan, which is not allowed with IRA type arrangements. The maximum total contribution that an individual is allowed to make a solo 401(K) is the same that is allowed for a SEP-IRA ($53,000); however the percentage of income limitation on SEP-IRAs and solo 401(k) plans is calculated differently."
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Source: PWC:Managing your wealth
As a solo owner, the control starts and ends with you. Just as well as procrastination, will start and end with you." - Fontenot & Associates Solutions.
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