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Investing/Strategies / Retirement Investing
|Subject: Re: Small biz dilema||Date: 12/21/1999 8:58 AM|
|Author: W401K||Number: 16691 of 82797|
Depending on the number of employees, a SIMPLE 401k Plan may be the best option. This can function as either an IRA or a 401k Plan. Under the SIMPLE plan, employees may defer up to $6,000 per year. This amount is adjusted for inflation periodically. The employer must make matching contributions. There are 2 different formulas they can follow.
Any pre-existing IRAs will not impact her eligibility to participate in the Plan. However, If she is elgiible for the new Plan at work, she may be limited or not able to deduct future contributions to an IRA outside of work.
Hope this helps,
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