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What Retirement Plan Options Are Available For My Business in 2023? In this episode of the Small Business Tax Savings Podcast, Mike interviews Matt Ruttenberg from Life Inc. Retirement Services about retirement plan options available for small businesses in 2023.
Matt dives into the different types of retirement plans available for business owners, including traditional IRAs, ROTH IRAs, SEP IRAs, Solo 401Ks, Simple IRAs, and the new Starter 401K coming out in 2014.
Tune in now as Matt discusses the importance of saving money on taxes and creating a secure future for themselves and their employees!
[00:30] Retirement Plan Options For Small Business Owners
- Today’s episode is all about retirement plan options that are available for your business in 2023
- Mike interviews Matt Rutenberg, the CMO at Life, Inc. Retirement Services
[09:00] Maximize Retirement Savings with SEP IRA, Solo 401K, and Simple IRA Options
- The goal of a retirement plan is to save money on taxes or recruit/retrain employees
- Traditional IRA and ROTH IRA available for personal retirement savings
- SEP IRA option for solo business owners with employer contributions up to $66, 000
- He hints that ROTH contributions may be allowed into SEP IRAs
[12:30] Exploring Retirement Options For Business Owners
- SEP IRA has a maximum contribution of $25, 000
- Solo 401K is a better option as it allows for an additional employee contribution of $22, 500 in 2023
- Traditional IRA and ROTH IRA are the two main retirement options for solo business owners with no outside employees
- Payroll-directed IRA is available for business owners with outside employees or non-owner, non-family members
[19: 00] Closing Segment
- Matt offers his advice on the importance of saving money on taxes and creating a secure future for themselves and their employees!
- Final Words
Connect with Matt!
Website: Life Inc.
LinkedIn: Matt Ruttenberg
Twitter: @Matt_Ruttenberg
Instagram: @Matt_Ruttenberg
Facebook: Life Inc. Retirement
Key Quotes
“If you're trying to segment out certain employees or yourself, you might have to go towards a non-qualified plan because if you have a qualified plan like a 401k, Simple, there's rules and fairness… If you are non-qualified, it removes all those fairness rules, and then you can start targeting certain individuals and so on and so forth.” – Matt Ruttenberg
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
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Small Business Tax Savings Podcast