No. of Recommendations: 0
Hi Maria
<<I have a small business that is incorporated and I am the sole employee of it. What are my pension options besides IRA's? Any suggestions are welcomed.>>

Besides SEP, Profit Sharing Keogh's that are limited to 15% of Pension Pay, and besides Money Purchase Keoghs that are limited to 25% of Pension Pay, there are also Defined Benefit plans that, for workers over age 45, can produce much higher percentages. You'll need a qualified pension actuary to work with you, but you will like the deductions:

With a Net Schedule C of $20,000 at age 55, (making the proper Self Employment tax adjustments to net income):

Profit Sharing $2,424
Money Purchase 3,717
Defined Benefit 8,849

by - Your friendly pension actuary.
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.