A wide range of retirement plans has come into existence lately to assist elderly people in the golden years of life. Whether you are the owner of a small business, or you are self-employed, there are a number of retirement plans which are designed for accomplishing specific requirements. All these retirement plans help in saving an ample amount of money – as well as tax – for retirement. Here is a look at the retirement plan chart to help you find the right plan:
SEP IRA
SEP IRA is an integral part of the retirement plan chart. This is for small business owners or self-employed individual and their employees. This plan can be availed by S corporations, C corporations, partnerships and sole proprietors.It comes with a bunch of investment choices. There are flexible annual funding requirements. It can be set up as well as maintained at ease.
Self-Employed 401(k)
Self-Employed 401(k) is another plan worth mentioning which has been included in the retirement plan chart. This plan is available for S corporations, C corporations, partnerships and sole proprietors. This is considered to be the top-rated plan for self-employed individuals. It is also for business owners who do not have any employee other than their spouse. This plan has gained high prominence owing to the wide variety of investment choices and is known for having potentially higher contribution limits in comparison to SEP IRA.
Simple IRA
Simple IRA is another great plan for self-employed individuals. You can avail this plan if you have a business with 100 or fewer employees. It comes with a wider range of investment options. It happens to be a salary deferral plan with the reduced administration. It comes with electronic funding along with customized contribution, which is allocated to every participant.