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Small business owners can boost employee recruitment and retention and help themselves and their workers save for retirement by establishing a 401(k) plan. These plans can only be set up by ...
While solo 401 (k) plans are intended for one-person businesses, there is an exception. The spouse of the business owner can also participate in the plan. With a spouse in the plan, your small ...
This retirement plan allows contributions by a business owner and their spouse who is involved in the business.
In the United States, a 401 (k) plan is an employer-sponsored, defined-contribution, personal pension (savings) account, as defined in subsection 401 (k) of the U.S. Internal Revenue Code. [1] Periodic employee contributions come directly out of their paychecks, and may be matched by the employer. This pre-tax option is what makes 401 (k) plans attractive to employees, and many employers offer ...
Compared to other retirement plans (traditional IRA, SIMPLE IRA, etc.), Keogh plans require more administrative paperwork. While most small business owners can manage to set up other plans themselves, a Keogh plan requires complex calculations and professional help to establish.
A solo 401 (k) plan is a retirement account for self-employed individuals or business owners with no full-time employees, but the IRS says you can use the plan to cover you and your spouse. There ...
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