Normally, the word “refund” sparks visions of putting a hefty tax return toward a big-ticket item you’ve had your eye on or getting a little extra cash to pad your day-to-day budget. Read more…
What to Look for to Improve Your 401(K) in 2024
As another year begins, there is a lot on business owners' minds. How do I keep my best employees? How do I reduce business expenses? Now is a great time to assess portions of your business. Is there a better, cheaper, way to do something? Is there a way to make your team's life easier? Read more…
Learn How Business Owners Can Save $75,000 a Year Into Their 401(k)
For many people, the question “How much can I save into my 401(k)?” has a simple answer. If you are under age 50 in 2024 you can save $23,000 into your 401(k). If you are over 50 you can save $30,500. Read more…
11 Different Types of Retirement Plans
Only 31 percent of non-retirees think their retirement saving is on track, according to the Federal Reserve's Report on the Economic Well-Being of U.S. Households in 2022. Read more…
Cash Balance Plans for Content Creators
I’ve written a few articles on Cash Balance Plans; you can find everything I've written here; but I wanted to focus this piece on a specific group – content creators. Read more…
Is My Business Right For a Cash Balance Plan?
I wrote a piece about what a Cash Balance Plan is recently, which you can find here. The natural question after reading that is “Is my business a good candidate to set up a Cash Balance Plan?” Read more…
Small Business 401(k) Retirement Plans - Safe Harbor Match vs. Safe Harbor Non-Elective
For a myriad of reasons – from automatically passing ADP testing, helping with Top-Heavy failures, or owners saving $60,000+, many businesses choose to use a Safe Harbor formula in their 401(k) retirement plan. Let’s find out what the Safe Harbor formulas are and why you may choose one over the Read more…
Mega Backdoor Roth? Probably Not for Small Business Owners.
I’ve read the articles and maybe you have too; articles about Mega Backdoor Roths (MBRs) that promise a lot – but maybe don’t explain all the issues they may cause for certain businesses or people. In this article, I'm going to review what a MBR is, how it works, and while it may be good choice for Read more…
My 401(k) Failed the Top-Heavy Test. Now What?
What is the top-heavy test? 401(k) plans must be tested annually to determine if they are top-heavy. The top-heavy test compares the account balances of “key employees” to those of “non-key employees.” If the sum of all key employee balances exceeds 60% of the total plan balance the plan is Read more…
2021 Retirement Plan Limits
The IRS announced the new limits for 2021 retirement savings and the amount that 401(k) participants, or participants in similar employer sponsored plans can save is staying the same. Read more…