Small Business Retirement Plan Comparison

Small Business Retirement Plan Comparison-55
For instance, if you elect to have an age requirement of 21 even though you are only 20, you would be excluding yourself from participating in the plan.

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For instance, a 20-page document for the regular 401(k) plan may be reduced to a three-page document for the SBO 401 (k).

Furthermore, for other retirement plans, the contributions may be limited to only employer contributions or, where salary deferral is allowed, the limit is less than that for the SBO 401(k) plan. Suppose that Jill, a sole proprietor who is under age 50, has a net profit of ,000.

Jill wants to adopt a retirement plan for her business, and she would prefer to adopt a plan that allows the highest contribution limit.

The 401(k) plan has become very popular among small business owners as a result of changes made by the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA).

These changes have made the 401(k) plan, in comparison to most other retirement plans, more beneficial and flexible for the small business owner.

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