Business Owners
As a business owner, you know the value of putting all your assets to work in the most effective, cost-efficient manner possible. In addition, you want to be able to focus your attention on your business, yet know that your retirement assets, and those of your employees, are being managed and monitored by experienced professionals. Whether you are a sole proprietor or have employees to support, 1620 can assist you in identifying, managing, and monitoring the right retirement plan for your business.
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Our management services for business owners include identifying the type of plan that works best for you, guiding you through the plan creation, providing advice on contribution levels, and conducting ongoing portfolio and investment management. We have helped clients establish and manage each of the plan types listed below:
SEP and SIMPLE IRAs
Designed for the sole proprietor or small business with less than fifteen employees, these IRAs allow the employer and employee to contribute towards retirement in a cost-efficient manner. Unlike 401(k) plans, there are no annual federal filings or discrimination tests required. These IRAs typically allow for higher contribution levels than standard IRAs and enable greater tax-deferred savings. With 1620, these plans are structured to allow for a full range of investment options across various asset classes and investment vehicle types.
401(k) Plans
1620 can offer most employers a 401(k) plan structure with more investment options at a lower cost than their current plan. Many 401(k) plans limit your choices to just one or two fund families, which may or may not have strong investment line-ups, and to fewer than ten funds unless you pay a premium. Through our Independent 401(k) product, we can help you structure a 401(k) plan with a wider variety of investment options and lower annual expenses.
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Individual 401(k) Plans
Individual 401(k)s are another plan type available to self-employed individuals, sole-proprietors, and independent contractors with no employees. For those looking to truly maximize their retirement plan contributions, this plan type can be a good fit. Contributions can be made as both the employer and the employee. In addition, spouses may be able to participate in the plan if they also take taxable income from the sole-proprietorship. Employee contributions can be made on an after-tax (Roth) basis.