Feb 25, 2022
For small business owners, it’s crucial to know what you need to do in order to max out your 401k plan and make the most of it. Here to talk about this is Matt Ruttenberg, and he discusses different 401k options based on how many employees you have, whether you own multiple businesses or not, and other factors that determine how to take advantage of this. Listen in for insightful advice on how to benefit the most from your 401k.
-How does a small business person max out their 401k and make the most of it?
-A big priority is fairness to employees, and there are many regulations that have to be followed
-A self-directed 401k is great for solo entrepreneurs without employees; you’re in full charge of your investment portfolio
-Employers and employees can contribute
-It’s important to go with the safe-harbor 401k
-If you don’t choose a safe-harbor 401k; it will be a traditional 401k, and you cannot max it out
-You can decipher where people cap out to take full advantage of profit
-If you have multiple companies, there are other options that allow you to maximize 401k