Planning for retirement is a critical aspect of financial well-being, and for self-employed individuals and small business owners, an Individual 401(k) in Macon, GA, offers a powerful tool to secure their financial future. This retirement savings plan, also known as a Solo 401(k) or Self-Employed 401(k), presents unique advantages that can make a substantial difference in your retirement readiness.
High Contribution Limits
One of the standout features of an Individual 401(k) in Macon, GA, is its generous contribution limits. For the 2023 tax year, you can contribute up to $61,000 if you are under 50 or up to $67,500 if you’re 50 or older. This high limit allows you to supercharge your retirement savings, which can be especially beneficial if you have a late start or want to accelerate your retirement goals.
Dual Contributions
With an Individual 401(k), you can make both employer and employee contributions. As the business owner, you can contribute as both the employee and the employer, which means potentially larger tax deductions and greater savings opportunities. This is a great way to secure a solid financial future and to ensure you have everything you need.
Talking to a retirement income planner about an Individual 401(k) is a valuable retirement savings vehicle for self-employed individuals and small business owners. Its high contribution limits, flexibility, tax benefits, and investment options make it an attractive choice for building a secure retirement. Consider opening your account today to get started on saving.
Disclosure:
Securities and advisory services offered only by duly registered individuals through Madison Avenue Securities, LLC (MAS) member FINRA SIPC, and a registered investment advisor. Security First Asset Management and MAS are not affiliated entities.
