July 7, 2016
Let’s say you are over age 50, receive $100,000 in compensation from your corporation, and want to contribute the most you can to your retirement account.
INDIVIDUAL 401(k): $49,000
You can make a salary-deferral contribu- tion of $24,000 (the maximum amount for someone age 50 or older). Plus, you can make a profit-sharing contribution of $25,000 (25% of your $100,000 compensation), bringing your total contribution for the year to $49,000.
SEP-IRAs limit employer contributions to 25% of compensation and do not allow salary-deferral contributions, so the most you can contribute in this example is $25,000.
SIMPLE IRA: $18,500
You can contribute up to $15,500, which includes a $3,000 catch-up contribution. Your business can also contribute, adding another $3,000 (3% of your compensation) at most to your total contribution.
If your goal is to contribute large amounts to your retirement plan or to make Roth contributions, ask your financial advisor about the Individual 401(k). Your advisor can review your financial situation and goals and help you choose the retirement plan that is right for you.
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