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Small Business Retirement Account Options

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rated:
I am maxout on Small Business 401K.

Any suggestion on plans for retirement such as  Retirement Benefit or Retirement Contribution plan?. 

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rated:
A cash value defined benefit plan might make sense. Also backdoor Roth IRA.

Are you the only employee? How much did you contribute to the 401k?

rated:
Only employed.
401k contribution : $24+$20 =$44K
I am 51 Year old.
Thanks,

rated:
greencal said:   Only employed.
401k contribution : $24+$20 =$44K
I am 51 Year old.
Thanks,

If you have no traditional IRAs and your plan documents allow after-tax contributions AND in-service rollovers you'd be able to do another $12k in contributions to a Roth IRA via a "backdoor Roth".

Cash value DB plans are definitely an option for you as the only employee, but they are typically expensive to administer.

rated:
Defined benefit plans unlikely to make sense bc of costs unless you are planning on putting a lot more into retirement accounts.

Otherwise the backdoor Roth then use taxable account. Do not get suckered into insurance products.

rated:
Can you educate me what is Backdoor Roth ? I do have IRA and SEP IRA which I do not contribute  any more. 
Any suggestion on cost effective Cash Value DB Plans institute ? 
Thanks,

rated:
Two types of backdoor roth.
Simple one: Someone is ineligible for Roth ira contribution or deductible traditional IRA deduction. They can make a nondeductible traditional IRA contribution. Then, they can convert those funds to Roth. Effectively gets around the income limits for Roth IRA contributions.

rated:
Bend3r said:   Two types of backdoor roth.
Simple one: Someone is ineligible for Roth ira contribution or deductible traditional IRA deduction. They can make a nomdeductible traditional IRA contribution. Then, they can convert those funds to Roth. Effectively gets around the income limits for Roth IRA contributions.

  In OP's case, what was I referring to is sometimes called a "mega backdoor Roth IRA". That is where you make non-deductible contributions to a 401K plan and immediately in-service withdraw them to a Roth IRA.

rated:
Yep. Second type . There was a thread in the past of people looking for providers for SEP or solo 401k (? Dunno if that's all options) that allowed the after tax contributions and withdrawals. At the time I don't think anyone found/posted one.

Definitely the best option if it's available.

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