Your future is in your own hands, too

It’s time to choose the right plan

When you’re in charge, choosing the right Oregon self-employed retirement plan is important. The type of business you own, average salaries and ages, number of employees, seasonality and other factors all affect your options.

We’ll get to know you, your life, your work, and your goals to find the best fit. You’ll be on the path to the retirement you’re looking for. Here are some of the self-employed retirement plans we’ll review with you. Flexible investment options are available for all of these plans.

SEP IRA

A Simplified Employee Pension (SEP) IRA plan is for self-employed people or for small companies. Employers can contribute to qualified employees and may adopt specific requirements. They can also participate in the plan. SEP IRAs are ideal for companies with no or few employees. It’s a good choice when it makes sense for the company to fund the entire contribution.

SIMPLE IRA

A SIMPLE IRA plan is for self-employed people and small businesses with fewer than 100 employees. It’s easy to administer, but less flexible than 401k plans.

Consider a SIMPLE IRA if your business has steady income and your employees want to make contributions to the plan. Most employers choose to match up to 3% of their employees’ compensation, but some opt to contribute 2% of all employees’ compensation instead. Either way employees can contribute additional amounts to their SIMPLE IRA account via payroll deductions if they’re interested.

Individual 401(k)

Also known as a “solo 401(k)”, an Individual 401(k) retirement plan offers high retirement contribution limits when you’re self-employed. It helps owners maximize their personal retirement contributions and their business deductions. An Individual 401(k) is a good fit for a self-employed person or a business owner with no additional employees other than a spouse or a child. Eligible businesses include sole proprietorships, LLCs, partnerships, and incorporated businesses.

Regular 401(k) with Pre-Tax and Roth contributions

This popular 401(k) plan is more flexible than a SIMPLE IRA, but also requires annual reporting and testing. Enrollment is easy with an automatic enrollment option.

You and your employees can contribute up to specific limits. Many employers add a “safe harbor” feature to contribute 3% of or match up to 4% of employee contributions. This option means owners can defer larger amounts and it makes profit sharing contributions more flexible.

Other Pension / Profit Plans

Depending on your business goals, cash flow, and tax situation, we can also help you with Profit Sharing Plans, Defined Benefit Plans, and Cash Balance Pension Plans. Vesting schedules are optional and can vary.

Owning your own business, whether you’re on your own or you have employees, demands your time and energy. Let us help you make it easier to choose the right Oregon self-employed retirement plan for your retirement.

There is no charge for our first consultation. Use the button below to schedule a good time.