Custom Plans for Owner-Only Businesses
Accelerate Savings, Reduce Taxes
Simple, Straightforward Setup
Knowledgeable Client Service
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.
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 $56,000 ($62,000 if age 50) and have the ability to access funds via tax-free loans and early withdrawal features.
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.
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 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