Handshake  Owner Only Plans

 
 

JULY specializes in helping owner-only businesses maximize retirement savings. We have the expertise to help sole proprietors and other owner-only businesses design and administer retirement strategies that go beyond traditional retirement vehicles like SEPs and SIMPLE Plans.


Fund Larger Contributions

Our strategies allow larger contributions and than common plan designs such as SEPs and SIMPLEs.

Maximize Tax Savings

Larger contributions result in increases tax deductions and significant long-term tax savings.

Increase Flexibility

We offer options with more features such as early withdrawals or tax-free loans prior to reaching retirement.

Specialized Plan Designs

Many financial institutions recommend SEPs and SIMPLE Plans as the go-to option for owner-only businesses because they can be established quickly without the help of a third party administrator. These plan designs, however, often limit contribution amounts, reduce tax savings, and are often not the best option. Read about the specialized options below that offer more benefits.

SOLO 401(k) Plans

A SOLO 401(k) Plan is a great plan design for owners wishing to contribute up to $57,000 ($63,500 if age 50) and have the ability to access funds via tax-free loans and early withdrawal features.


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Cash Balance Plans

Cash Balance Plans are designed for employers seeking to fund much larger contributions than permitted in 401(k) plans, SEPs, and SIMPLEs. They allow contributions of $150,000 or more.


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Who Can Establish these Plans?

These plans are well-suited for most owner-only businesses, including those operating as sole proprietors or partnerships – even partnerships with multiple partners. Spouses that work in the business can also participate. Below are common types of businesses that adopt these plans.

Real Estate Professional

Real Estate Professionals

Business Consultant

Business Consultants

Medical Professionals

Medical Professionals


Comparing Contribution Limits

See the chart below showing the maximum contributions to each of the retirement plan designs for owner-only businesses.

 

Maximum Annual Contributions

  • $200,000
  • $160,000
  • $140,000
  • $120,000
  • $100,000
  • $80,000
  • $60,000
  • $40,000
  • $20,000
  • $0
  • $12,500
    SIMPLE Plan
  • $54,000
    SEP
  • $60,000
    SOLO 401(K)
  • $150,500
    Cash Balance
  • $200,000+
    401k+CB