Solo 401k: The Ultimate Guide to Secure Your Retirement - Retirement planning has many options, but the Solo 401k stands out for self-employed individuals. Often overlooked, this retirement plan offers benefits tailored to solo entrepreneurs and freelancers. This guide explains the Solo 401k retirement plan, its benefits, complexities, and importance for your retirement.

QACA Safe Harbor 401k Plans: The Ultimate Guide for Business Owners - One increasingly popular small business option is the qualified automatic contribution arrangement safe harbor plan. The SECURE Act 2.0 now requires automatic enrollment for new plans. This makes QACAs one of the lowest-cost Safe Harbor designs. This applies to plans that start in 2024 or later. This guide discusses the difference between QACA and traditional Safe Harbor 401k plans. It also explores the requirements, benefits, and potential drawbacks of QACA safe harbor plans.

SIMPLE 401k Versus a Safe Harbor 401k: The Pros and Cons for Your Small Business - A small employer may find that converting its 401k plan into a "SIMPLE" 401k plan is preferable to adopting a traditional safe harbor 401k plan. What is a SIMPLE 401k plan? It is a 401k plan under which the employer makes either (i) a nonelective contribution to the plan equal to 2% of compensation for each employee who was eligible to defer under the plan or (ii) a matching contribution equal to 100% of each employee's deferrals up to 3% of compensation.

IRS Updates Info for Small Business Retirement Plan Reporting - The IRS has issued an updated version of Publication 560, which small businesses use to report on their SEP, SIMPLE, and qualified retirement plans. The updated version is for use in preparing 2023 returns. The updated Publication 560 also includes information relevant to reporting about 403b and 457b plans.

Resources

A glossary retirement plan and investment terms available here.

Information on Small Business Plans

Starting a small business retirement savings plan can be easier than you think. Here are some resources on a varity of retirement plans available to the small business person.

Small Business Retirement Plan Options - 2024 - This 4-page chart compares the four common types of plan designs often utilized by small employers.

DOL's 401k Plans for Small Businesses

Choosing a Retirement Plan for Your Small Business -- In this piece you will find a chart outlining the advantages of each of the most popular types of IRA-based and defined contribution plans and an overview of a defined benefit plan.

Retirement Plans FAQs Regarding SEPs

FAQs Regarding SIMPLE IRA Plans

SEP Retirement Plans for Small Businesses

Simple IRA Plans for Small Businesses