In This episode of Ask the Hammer, Jeffrey Levine of Buckingham Wealth Partners helps a reader to decide if he or she plans to create a SEP-IRA or a single 401(k).
The IRS estimates that a SEP-IRA is an important source of income for retirement. Employers can lay aside money with their employees in retirement accounts. A SEP doesn't have the start-up and operations costs of a conventional retirement plan and allows for a contribution of up to 25% of each employee's salary.
A one-participant 401(k) plan, sometimes called a solo 401(k) or a solo 401(k), isn't a new type of 401(k) plan according to the. It is a traditional 401(k) plan covering companies with no employees, or those who and their spouse aren't employees.
Have you got questions? Send me an email at info@buckinghamgroup.com.
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