Most business owners feel great (and well they should) about maxing out their 401(k). But that’s just the beginning of the good things that you can do for your employees and for yourself. Take a look at the data below which reveals what a difference some tax planning can make! Let’s take a look at an average small business with a Senior Partner near retirement. The first six columns show the effect of the typical 401(k) plan. The rest of the chart shows what’s possible by adding a profit sharing plan to the 401(k)! You may have noticed that the older owner not only gets more dollars, but also a larger percentage (62%) of the amounts added to the plan! This is just one benefit that tax planning can add to your retirement. Questions? E-mail us with this link.
[For a full-size image, click the chart below]
- Estate Planning under the Biden Administration:
What's changing and how to react- April 7, 2021
- Thanksgiving Items - November 25, 2020
- Do you receive Social Security, Civil Service, or VA Benefits:
There's some good news and some bad news- November 23, 2020