Everybody wants to enjoy a comfortable, secure, carefree retirement.
But achieving this goal depends on the choices you make today.
That’s why, in this issue of the Tax Reduction Letter, we’ll help you make a very important decision…
Should you choose to open a SEP IRA,
or a Solo 401(k) retirement plan?
Both of these tax-favored retirement plans can help you build your nest egg (assuming here that you are the owner and sole worker in your business).
Which is the right retirement plan for you? We’ll help you decide when you…
Read my new article…
“SEP IRA vs. Solo 401(k): Which Should You Choose?”
Three ways our fact-filled article can help you:
- You’ll learn when a SEP IRA makes sense. For starters, a SEP IRA is easy and inexpensive to set up. This is a huge advantage. When it comes to flexibility, the SEP IRA is also a great choice. You see, it lets you contribute more to your plan when business is booming, and less when times are rough. All this and more will be explained when you read the full article.
- You’ll learn when a Solo 401(k) retirement plan makes sense. One of the important benefits of a Solo 401(k) retirement plan is that annual deduction contribution-limits are higher than the SEP IRA’s. Simply put, you can sock away a lot more money when you go with a Solo 401(k) retirement plan. To get the full details, read the full article.
- You’ll learn how your age impacts the plan-contributions you can make. If you are under age 50 and your income is on the high side, the 2021 ceiling on contributions is $58,000. If you’re age 50 or older, the solo 401(k) has a catch-up provision that allows you to contribute another $6,500. Nice! (Please note that the SEP IRA does not allow a catch-up contribution like the solo 401(k) does.)
You’ll get the whole story when you…