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Selfemployed business owners have a lot of retirement options available to them. Most will start out with a 401(k) or a SEP.

Once you maximize those plans and you’re looking for a larger tax deferral, you might decide to move up to a defined benefit plan.

Many selfemployed people overlook defined benefit plans. In fact they can often be combined with 401(k) plans to get much larger contributions.

Selfemployed business owners come in all shapes and sizes. This includes sole proprietors who file under schedule C along with CCorps, SCorps, and even husband and wife partnerships.

Many selfemployed people also have employees. Please realize that these plans are qualified plans and subject to discrimination rules. That means if you have eligible employees you must make a contribution for them.

But if you structure a plan correctly you can make sure that you can maximize your contribution while limiting the amount that you would contribute for employees.

Make sure you stay on top of the deadlines. Thanks to recent changes in the law, you now can open up a plan up to the date you file your tax return and still make a contribution. This gives great flexibility to business owners and allows them to maximize plan contributions.

So if you were selfemployed even as a sole proprietor with no employees, make sure you consider a defined benefit plan. For many people it is their number one retirement option.

#definedbenefitplan #selfemployed #retirementplans