Retirement Plans

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  1. Traditional and Roth IRAs
    Max contribution $6k or $7k for those 50 or over.
    Best for individuals with modest ability to save for retirement.

  2. SIMPLE IRA
    Max contribution $13,500 or $16,500 for those 50 or older.
    Best for Midsize businesses with up to 100 employees

  3. SEP IRA
    Max contribution $58k
    Best for business owners with few or no employees

  4. Solo 401(k)
    Max contribution $58k
    Best for self-employed business owners with no employees other than a spouse.

  5. Defined-Benefit Plan
    Max contribution $100 to $230k (depending on age and compensation history).
    Best for self-employed business owners with great cash flow that want to contribute more than $60k to their retirement accounts.

Posted in Tax