Everything Self-Employed Business Owners Need to Know About Individual(k) Plans
There are many benefits that come along with self-employment and running your own business ; you make your own work schedule, you’re passionate about what you do, and you’re in full control—just to name a few. One advantage that may not be as prevalent in...
Don’t Overlook These Benefits for Your Small Business Plan
Below are three of the most popular small business retirement plan options and a breakdown of how both the SECURE Act of 2019 (SECURE 1.0) and the SECURE 2.0 Act of 2022 (SECURE 2.0) provisions enhanced these plans. SEP Plans With a simplified employee pension (SEP)...
What Happens When You Make an Early 401(k) Withdrawal?
Picture this: you’ve left your office for the last time. You’ve spent the better part of your career preparing for this exact moment and have finally reached retirement bliss. You have an open horizon stretched out in front of you—filled with relaxation, plenty of...
How Much Should You Save For Retirement?
One of the simplest and most effective ways to save for retirement is through your workplace retirement plan. Many financial professionals recommend saving 10% to 15% of your total income. Yet how much you should save largely depends on your retirement goals, age, and...
Top Five Reasons Small Businesses Should Start a 401(k) Plan This Year
Small business owners make hundreds of decisions a day ranging from big to small—and many decisions have some sort of effect on their company's bottom line and overall livelihood. When it comes to the benefits package offered by the company, small business owners may...
Year-End Small Business Tax Benefits of Sponsoring a 401(k) Plan
As year-end approaches, many business owners begin scrambling to find ways to maximize potential tax benefits for the year. Perhaps your financial advisor suggested saving any expensive company purchases for the end of the year in a last-ditch effort to lower your...
SECURE 2.0 Act Increases RMD Age
SECURE 2.0 increases the RMD age from age 72 to age 73 in 2023, and then to age 75 in 2033* (or the year of retirement, if later, for certain plan participants who are not 5 percent owners). Individuals born in 1950 or earlier are unaffected by this change and must...
President Signs Appropriations Bill, Containing the SECURE 2.0 Act of 2022, Into Law
Yesterday, President Biden signed the Consolidated Appropriations Act of 2023 into law, which included the SECURE 2.0 Act of 2022. As previously announced, both the Senate and the House approved the Consolidated Appropriations Act of 2023, last week.
