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 TAX-DEFERRED SAVINGS VEHICLES

  

Are You Ready to Retire?

Retirement Budgeting

Sources of Retirement Income

Tax-Deferred Savings Vehicles

Estate Planning

Selling Your Business

Getting Your Business Ready for Sale

Working With a Business Broker

Closing-Your-Business Sale

More Resources: Retirement Planning 		  Keoghs

Keoghs are tax-deferred plans designed for self-employed individuals or unincorporated businesses (such as broker working a alone or with one partner) or for self-employed individuals. A Keogh:
  • Allows contributions of 25 percent of income, up to a maximum of $40,000 in 2002.
  • Enables you to make contributions at any time up to the last day of each tax year.
  • Requires relatively simple annual filings, costing no more than $500 if done by an accountant.
  • Allows your investment to grow tax deferred until it is withdrawn.

Business Applications
  • Requires an annual contribution to workers’ accounts (unless it is set up as profit-sharing Keogh), but the amount may vary from year to year.
  • Enables businesses to deduct contributions they make to workers’ accounts as business expenses.

Uni-401(k)

New in 2002, this small-business variation on the traditional 401k plans used by larger companies is a great alternative for the individual or company that can afford to save more toward retirement. It:
  • Allows up to $40,000 in tax-deferred savings. Allows for $11,000 of annual contribution, plus 25 percent of total income for the year.
  • Requires more complex filing than some other plans in this section when account balance exceeds $100,000, but is still much less complex than a traditional 401k (estimated annual filing costs $1,000).

Business Advantages
  • Doesn't require mandatory contributions to workers’ accounts.
  • Can be used by self-employed individuals, partnerships, or the owners of unincorporated businesses, limited liability companies, or Sub-S corporations.

The Right Retirement Plan for You >		  








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