When hearing about retirement plans, many clients tend to think about the most popular of the bunch: individual retirement accounts (IRAs), 401(k) s or the Roth IRAs.
While each of these certainly has its merits, one common belief is that business owners can’t put away all that much into these plans, which is generally true.
I actually attend spoke at a retirement home two weekends ago in Upper Marlboro, Maryland and retirees were shocked at where else they could have been saving for retirement, and the tax benefits that you can allow yourself under some plans.
Other plans do allow for greater contributions, and that’s where life for some people can get a bit more interesting.
In fact, some plans allow for contributions of up to $49,000, and that’s nothing to sneeze at. Some plans such as the ones below:
• SEP IRAs
• SIMPLE IRAs
• Solo 401(k) / Individual-K
• Profit Sharing
• Money Purchase Pension
• Defined Benefit