Solo 401(k) Plan
Who it’s for:
Owner-only business with no employees.
Key features:
- All the benefits of a traditional 401(k)
- Contribution limit is $61,000 in 2022*
- Easy to administer
SEP-IRA
Who it’s for:
Owner-only business or those with just a few employees.
Key features:
- No IRS filing or reporting
- Allows for only employer contributions to employee accounts
- Contribution limit is lesser of 25% of compensation or $61,000 for 2022*
- Easy to administer
Simple IRA
Who it’s for:
Business with up to 100 employees
Key features:
- Primarily funded with employee salary-deferral contributions
- Employer-matched contributions up to 3%
- Contribution limit is $14,000*
- An easy and economical plan to administer
*Catch up contribution is available to individuals over age 50.
Contact WFA for additional information on retirement plans.