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Hi from Just Answer. I'mCustomer and can assist.
Without knowing all the specifics, I can suggest an option that might work. A Simple IRA.
Contributions come from wages, so you can contribute more from your pay, $12,000 per year, without sizable contribution for any employees. They would have to agree to wage withholding.
You have to offer a match, 2% or 3%, but you will accomplish what you want with little cost. If the 12,000 contribution is more than you can put away elsewhere, this could be a winner.
There are age adjustments, such as a higher Max contribution if you are 50 or older. But this should give you what you are looking for.
Thanks for asking at just answer. Of course, you should review your specifics with a qualified tax pro. Positive feedback is appreciated after review. I'mCustomer
Neither. A defined benefit plan.
It is not a defined contribution plan, which is limited by percentages of wages. It is a plan that allowed you to meet a goal at retirement.
A traditional 401(k) would allow you to contribute 18,000 if you were under age 50, 24,000 if you are over 50. Since this must come from your wages, it has low additional cost to employers.
Any other plans would require you to contribute for all employees.
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