Medical Billing Forum
General Category => General Questions => : PMRNC February 05, 2013, 02:40:35 PM
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Does anyone have any basic knowledge of some 401K plans or retirement IRA's for small business owners? I'm not getting any younger and would like to have something of my own.
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Are either of these links in the ballpark of the kind of information you are looking for?
https://www.fidelity.com/retirement-ira/small-business/self-employed-401k
http://www.irs.gov/Retirement-Plans/Plan-Sponsor/Simplified-Employee-Pension-Plan-%28SEP%29
At the IRS link, click on the first link - Choose A SEP Plan - for an overview.
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PERFECT.. Thank you :) I want to do something this year and get ball rolling for retirement :)
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I didn't want to inundate you with links, so I gave only those. You might want to poke around other links on your own.
A different link, not included above, stated that you can contribute up to 25% of an employee's pay to a SEP. For you, that means you can place 25% of your yearly income into a SEP and that income won't be taxed to you until you withdraw it. The first link gives you the percentages you can contribute to a 401K plan.
I think you can borrow against a 401K but cannot borrow against a SEP. If that might be important to you in the future, you should probably nail that down (along with all your other questions) with whomever you discuss this stuff with.
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It was an excellent start and I indeed am making inquiries with different companies. I want to make sure I have decent retirement set aside. I'd like to set aside more too as my business income is more secondary in my family. many options to consider, thanks for the links.