A 403(b) tax-deferred annuity plan is a retirement plan used by nonprofits to help employees save through a combination of pretax and post-tax contributions. To identify the best 403(b) companies, we looked for providers with the widest array of cost-effective investment options, best customer service and additional services to help employers and participants. Top 403(b)…
About the Author
Dock David Treece
Dock's professional background is deeply rooted in the securities and investment advisory industry. As a former registered investment advisory rep and former registered securities rep, Dock assisted clients with critical personal financial planning and decision-making. As an experienced columnist, he has provided engaging and actionable commentary on financial markets and economic developments. While serving on the Finra Small Firm Advisory Board, he assisted industry regulators in understanding the state of the industry and regulatory initiatives.
How to Use an IRA or 401(k) Business Funding to Start or Buy a Business
There are three ways you can use 401(k) business funding to start or buy a business. You can cash out funds, borrow against them, or use a rollover for business startups (ROBS). The only option that doesn’t result in penalties, taxes, or interest charges is a ROBS, making it ideal for most situations. A ROBS…
How to Set Up a Solo 401(k) in 6 Steps
A Solo 401(k) is an employer-sponsored retirement plan that allows self-employed individuals to contribute up to $55,000 pretax, including $18,500 of employee deferrals. How to set up a Solo 401(k) requires just six steps that hinge on picking a provider, but having just one participant makes it possible to complete in just a matter of…
5 Sole Proprietorship Pros and Cons
A sole proprietorship is a single-member business that’s never formally incorporated with a state filing. Sole proprietorship pros and cons include that It’s easy to set up, but there’s no distinction between business and owner and no liability protection. Sole proprietorships minimize startup costs but won’t help you limit your personal liability. Regardless of how…
403(b) vs 401(k): Rules, Limits, Costs & Which Is Best 2018
403(b)s and 401(k)s have similar structures but are applied in very different circumstances. 403(b)s can only be used by nonprofits, while 401(k)s can only be used by small businesses. Not-for-profits like churches, public schools, and government agencies use a 403(b) vs 401(k) plans, which are used by for-profit companies and the self-employed. 403(b) vs 401(k)…
6 Best SEP-IRA Providers 2018
A SEP-IRA allows small business owners to save up to $55,000 through tax-free profit-sharing contributions but require employers to fund all employee contributions. Choosing the right provider can save you time, money and prevent administration headaches. We’ve identified the best SEP-IRA providers and compare the best six below, including their costs and investment options. Top…
6 Best Small Business Retirement Plans 2018
Retirement plans help business owners save for retirement and attract the most talented employees. There are 6 main types of small business retirement plans that allow pre-tax contributions each year by employers and/or employees. Each type differs widely, ranging from $5,500 – $55,000+ in annual contributions, with some requiring employer contributions or match. When you’re…
403(b) Plan Rules, Contribution Limits, & Deadlines 2018
403(b) plans are alternative retirement plans only available to non-profits like charities, churches, public schools, health systems, and government agencies. Like retirement plans used by for-profit businesses, 403(b)s incentivize employee saving through deferrals and employer contributions. Combined contribution limits are $55,000 and can be invested only in annuities and mutual funds. How a 403(b) Plan…
SEP IRA vs. Solo 401(k): Costs, Contributions, Rules & Which is Best
A SEP IRA vs. Solo 401(k) is a terrific option for business owners with few or no full-time employees because employers must fund all employee contributions, proportional to their own. Conversely, Solo 401(k)s are only an option for self-employed individuals with no full-time employees, although they have the same contribution limits, costs and deadlines as…
SEP IRA vs SIMPLE IRA: How to Choose the Right Plan
Business owners comparing a SEP IRA vs SIMPLE IRA will find that each has unique benefits and works better in certain circumstances. SEPs have higher contribution limits ($55,000) but require employers to fund all employee contributions. SIMPLE IRAs allow employee deferrals up to $12,500 and require employers to match 1% – 3% of compensation. When…
How to Open a SEP IRA in 6 Steps
SEP IRAs are employer-sponsored retirement plans allowing employers to contribute up to $55,000 or 25% of their pre-tax income each year. How to open a SEP IRA for you and your employees is quick and easy, once you understand how SEPs work and determine your eligibility. A good provider can help you with the rest….
How to Set Up a SIMPLE IRA in 5 Easy Steps
SIMPLE IRAs are employer-sponsored retirement plans that allow employees and employers to save up to $25,000 in pre-tax contributions each year. The process for setting up a SIMPLE IRA is easy and inexpensive once you’ve determined your eligibility. The right provider will help you complete forms, get employees enrolled, and administer your plan. The 5…
