Best Retirement Plans For Small Business Owners

Best Retirement Plans For Small Business Owners-32
This table from the IRS can tell you if your deduction will be limited.A deduction is allowed in full if you are not covered by a retirement plan at work.

This table from the IRS can tell you if your deduction will be limited.A deduction is allowed in full if you are not covered by a retirement plan at work.

Previous generations tended to stay with the same company for many years – perhaps even their entire career.

In exchange, their employers provided for their retirement years with pensions, a guaranteed amount of monthly income from retirement until death.

Whether you use an IRA, a 401(k), one of the many other options or a combination of several plans, the best retirement plans for you depends on your employment status and how much you’re able to contribute.

Sometimes when we talk about the best retirement plans we are referring to the various accounts used for saving money for retirement.

Unlike a 401(k) plan, the income you’ll receive in retirement from a pension is not affected by the performance of the stock market. Today, company-sponsored pension plans are practically unheard of.

Pensions are both more expensive and riskier to employers than a 401(k) plan.

This tool was recently named a best retirement calculator by the American Association of Individual Investor’s (AAII).

If you are trying to figure out which kind of 401(k) or IRA is best for you, then keep reading to find out…

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Saving for retirement is not a one-size-fits-all proposition.

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