An estimated 17 million people in the U.S. file their taxes as owner-only businesses. As a self-employed individual, are you looking for efficient ways to save for retirement and pay less in taxes?

Owner-only 401(k) plans have the same advantages of larger 401(k) plans—without the extensive administrative responsibilities, complex discrimination tests and associated costs. In many cases, self-employed business owners are able to save significantly more in an Owner-Only 401(k) than they could in a SEP or SIMPLE plan and provide for a larger tax deduction.

Key features of Owner-Only 401(k) Plan include:

  • Higher contribution limits
  • 50 or older catch-up contribution
  • Pre-tax deferral contributions
  • Designated Roth contributions
  • Profit-sharing contributions
  • Rollovers allowed
  • Loans allowed in most plans
  • Low cost for administration

Please call today for more information on Owner-Only 401(k) plans.

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Disclosures

David Thompson, NMLS # 1640330, Maddy Stewart, NMLS # 2579704, and George Otto, NMLS # 1839462 through City National Bank, may receive compensation from RBC Wealth Management for referring customers to City National Bank. Banking products and services are offered or issued by City National Bank, an affiliate of RBC Wealth Management, a division of RBC Capital Markets, LLC, Member NYSE/FINRA/SIPC and are subject to City National Banks terms and conditions. Products and services offered through City National Bank are not insured by SIPC. City National Bank Member FDIC.

Investment products offered through RBC Wealth Management are not FDIC insured, are not guaranteed by City National Bank and may lose value.

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