Skip to main content

As a business owner, when should I start a 401(k) plan?


#employee401kplan #businessowner401k #settingupa401kformyemployees For business owners, a guide for when to start a 401(k) plan, including details about Roth features. Should you, as a business owner, set up a 401k plan for your employees? One of the common questions we receive is whether our clients should provide a 401k to their employees. There are three triggers we believe should prompt you, as a business owner, to look into setting up a 401k for your business. Any one of these can be enough by itself, but if two or three apply, then you know it’s time to get started. Here are the three triggers that will indicate if a 401k is right for your business: 1) If you are looking for more ways to potentially reduce your income tax bill personally and accumulate wealth outside or from your business. 2) If you care about your team and want to help them save and invest for their future. 3) If you want to offer an employment benefit that attracts and retains above average talent. Teammates that value the benefits of a 401k are the people who think long-term and will probably perform better in their work for your business. The great thing is that without committing much time or any money, you can get a personalized education and proposal from a professional advisor and Third-Party Administrator. You’ll be able to see how a 401k would work in your business and how it would provide you a personal benefit as well. And here’s a quick side note: if you’re like us and LOVE the tax benefits of the Roth IRA, you can make sure your 401k plan has a Roth feature. This gives you the potential to put more than three times the normal Roth IRA limits into your Roth 401k. You can do this even if your income is too high to contribute to a normal Roth IRA. THAT is a very powerful tax planning tool! Through the process of evaluating a 401k, you may find that it is not the best fit right now. You won’t want to rule out the whole idea though, because a SIMPLE IRA can still provide many of these benefits to you and your team. A simple IRA can be a stepping stone to a full blown 401K down the road. The final thing to know is that there are many “low-cost-off-the-shelf” 401k providers out there. However, if you want to get the most value for your money with a 401k plan, work with a professional investment advisor and an independent Third-Party Administrator. By separating these roles, you may be able to create a more cost effective, tailored plan. Down the road, you’ll be glad you went with this more flexible option. The answer is yes: if you want to accumulate more tax-efficient wealth and provide a great benefit to your employees, a 401k could be a wonderful addition to your business benefit lineup. The content and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation. The information has been obtained from sources we believe to be reliable, but we cannot guarantee its accuracy or completeness. Past performance is no guarantee of future results. The opinions and views expressed here are for informational purposes only. Please consult with your tax and/or legal advisor for such guidance. Investment advisory services offered through Catalyst Wealth Management, LLC doing business as Ridgeline Private Wealth. Catalyst Wealth Management, LLC and Ridgeline Wealth, LLC are not affiliates....(read more)



LEARN MORE ABOUT: IRA Accounts
CONVERTING IRA TO GOLD: Gold IRA Account
CONVERTING IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
https://inflationprotection.org/as-a-business-owner-when-should-i-start-a-401k-plan/?feed_id=52270&_unique_id=63a3bb643aaf5 #Inflation #Retirement #GoldIRA #Wealth #Investing #businessowner #401k #401kforemployees #shouldIoffera401k #SimpleIRA #businessowner #401k #401kforemployees #shouldIoffera401k

Comments

Popular posts from this blog

"Is Birch Gold Group a Reliable Choice for Your 2023 Gold IRA Investments?" - A Quick Review #shorts

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a top choice to trust your hard-earned retirement savings. Birch Gold Group’s low initial investment minimum is another edge it has over its competitors whose minimums can range from $25,000 to $50,000. A beginning $10,000 minimum investment is all that is required to start a GOLD IRA with Birch which is advantageous for first-time investors. Spanning nearly two decades, Birch Gold Group’s mission and philosophy focus on a commitment to understanding your needs and finding the right fit for you. Their

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom Should I Rollover My 401k to anIRA 🤔 || 401k to IRA Rollover Pro's & Con's In this video, I want to talk about rolling over your 401k to an IRA Rollover and if that makes sense for your retirement planning . I want to look at the pro's to rolling over a 401k and also the con's to rolling over a 401k. When you should rollover your 401k to an IRA and when you should NOT rollover your 401k to an IRA. Let's talk about when you should NOT rollover your 401k to an IRA: 1. You are still working and are under the age of 59.5 2. You are 55 and considering retirement (Rule 55) 3. Increased creditor protection in a 401k 4. 401k's offer loans--IRA's do not offer loans Why you SHOULD rollover your 401k to an IRA 1. More investment choices in IRA over 401k 2. Lower investment fees 3. Convert IRA to Roth IRA (Roth IRA Conversion) 4. Consolidation from multiple 401k'