A one-participant 401(k) plan, also known as a Solo-K or Solo 401(k) , is a traditional 401(k) plan designed for a business owner with no employees . It may also cover the business owner and his or her spouse. These plans must meet the same requirements and follow the same rules as any other 401(k) plan. These plans provide various benefits, including tax-advantages, to self-employed business owners and spouses. Let’s dive into the details of these Solo-K plans so you can ev

For some young adults, retirement planning may be in the back of their minds but not considered a priority or taken seriously. However, the earlier you start planning for your retirement the more likely you are to experience the benefits of retirement planning. What are the benefits of retirement planning though? Here are just some of the benefits that come with planning for your retirement. Benefits of Retirement Planning Peace of Mind For many adults, the stress that comes

As 2021 is coming to a close it is important to make sure your business has met all the yearly deadlines for managing your company’s retirement plan. If your organization offers a Cash Balance plan as a retirement option, several important deadlines fall in December. If you are considering adding Cash Balance plans as a retirement option for your employees next year, then this is also the time to start learning more about Cash Balance plans and start gathering the information

Business owners everywhere have a lot on their plate from the unstable economy to worker and supply shortages, to administrative burdens related to operating retirement plans with ever-changing requirements. This blog post will share information about how to use retirement plans and Retirement Plan Consultants to bring relief to the administrative load carried by Plan Sponsors. It is no secret that there are worker shortages all around America in every industry. One of the wa

Starting a new job can be an exciting and life-changing experience, but it can also bring a lot of stress and change to your life. Starting a new job means learning how your new company works, meeting new people, and filling out new hire paperwork. All of this can be stressful, but one thing does not have to be and that is rolling over your 401(k) to your new employer. In this blog, we will walk through the steps on how to rollover your current 401(k) to your new place of emp

Employee contributions in 2021 once again cap at $19,500, with catch-up contributions at $6,500. Full details on the 2021 plan limits and how they compare to the past two years are available below. If you have any questions about these limits, please let us know how we can help!