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Small Business Retirement Plans – SEP-IRA vs. Solo 401(k)

The Chicago Financial Planner

One of the best tax deductions for a small business owner is funding a retirement plan. Beyond any tax deduction you are saving for your own retirement. You deserve a comfortable retirement. If you don’t plan for your own retirement who will? I generally consider this a plan for the self-employed.

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How Employer Roth Contributions To Solo 401(k) Plans Reduce The QBI Deduction (And Increase Taxes) For Self-Employed Workers

Nerd's Eye View

Solo 401(k) plans are a popular retirement savings vehicle for self-employed business owners. By maximizing both the employee employer contributions, solo 401(k) plan owners can often save significantly more than is possible with other types of retirement plans available to self-employed workers, like SEPs and standard IRAs.

Taxes 246
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Health Savings Accounts – The Other Retirement Plan

The Chicago Financial Planner

Health savings accounts (HSA) provide another vehicle to save for retirement. Many of you have the option to enroll in high-deductible insurance plans that allow the use of a health savings account via your employer. High deductible health insurance plans . These limits increase to $3,650 and $7,300 for 2022.

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How Inflation Can Impact Your Retirement Plan – What You Must Know Now!

Trade Brains

That means if your retirement plan underestimates medical costs, you risk serious shortfalls. at the start of 2022, given an average inflation rate of 7.5% over that period. If you planned to live on ₹1 lakh per month today, you might need ₹1.5 – ₹1.7 at the start of 2022, given an average inflation rate of 7.5%

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Survey: Financial Advisors Have Larger Role To Play In Clients' Retirement Planning

Wealth Management

Vestwell conducted the fourth-annual “Retirement Trends Report” in fall 2022 and received responses from almost 1,300 savers, 500 financial advisors and 250 small businesses.

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Navigating the Thrift Savings Plan: Planning Opportunities To Support Federal Employees, Military Servicemembers, And Veterans

Nerd's Eye View

government is the largest employer in the country, it can be especially helpful for advisors to be familiar with the ins and outs of (and recent changes to) the Federal government’s own defined contribution plan: the Thrift Savings Plan (TSP). In 2022, the TSP underwent a series of changes impacting its many account holders.

Planning 246
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Inflation Is A Risk In Retirement, But Most Planning Technology Doesn’t Treat It That Way

Nerd's Eye View

30 years ago, when financial plans relied mainly on constant investment return projections derived from straight-line appreciation and time-value of money calculations, financial advisors began acknowledging and accounting for the variable and uncertain nature of investment returns. Read More.