Maximize Retirement Savings: SEP IRAs & Solo 401Ks
Durham News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Maximize your retirement savings with special plans for self-employed individuals and small business owners. SEP IRAs and Solo 401(k)s offer tax-free savings, with SEP IRAs topping out at $7,000 for those under 50 and $7,500 for those over 50. Solo 401(k)s allow for higher contributions and employee matches. These plans significantly reduce your tax bill, especially for high-income earners. Consider cash balance plans for those in their 50s or 60s, which can shelter over $200,000 annually. Dont miss out on tax credits and perks under the Secure Act. Consult your accountant now to choose the right plan before year-end deadlines.
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