What are the best retirement plans for business owners?
An example of an AI chatbot conversation about retirement plans for business owners.
What are the best retirement plans for business owners?
There are several great options for business owners, including SEP IRAs, Solo 401(k)s, and SIMPLE IRAs. Would you like to know more about any specific plan?
Can you explain how a Solo 401(k) works?
Sure! A Solo 401(k) is designed for self-employed individuals and business owners with no employees. It allows for higher contribution limits compared to traditional IRAs.
What are the contribution limits for a Solo 401(k)?
For 2023, you can contribute up to $22,500 as an employee, plus an additional $7,500 if you're over 50. As the employer, you can also contribute up to 25% of your net earnings.
Are there any tax benefits?
Yes, contributions to a Solo 401(k) are tax-deductible, which can lower your taxable income. Additionally, the funds grow tax-deferred until withdrawal.
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