SEATTLE--(BUSINESS WIRE)--ShareBuilder 401k, a leading small business retirement plan provider, is helping the self-employed get access to the powerful benefits of 401(k) plan by waiving the set-up charge. Now through July 1, new ShareBuilder Solo 401(k) clients will save up to $150 on setup, making it easier for owner-only businesses to enjoy all the retirement saving and tax benefits a 401(k) provides.
A recent survey by ShareBuilder 401k showed that 76% of small businesses do not offer 401(k) plans, with perceived costs to offer a plan being cited as a notable barrier. To help overcome those concerns, now through July 1, new ShareBuilder Solo 401(k) clients will benefit from free setup.
“Solo 401(k)s are great for any self-employed business looking to contribute at least $7,000 per year,” said Stuart Robertson, President and CEO of ShareBuilder 401k. “In a Solo 401(k), the owner is both the employer and employee, enabling the business owner to sock away $69,000 in 2024, which might drop them a tax bracket too.”
Solo 401(k) plans are open to the self-employed and any owner-only business without full-time employees. Spouses may also be included in a Solo 401(k). This plan offers both tax-deferred and Roth 401(k) options, as well as penalty-free 401(k) loans in case of an emergency.
Under current laws, as both the employer and employee, the owner can make up to $23,000 in contributions as an employee and another 20 to 25 percent of earnings based on their business type (up to the 2024 limit of $69,000 or $73,500 if over 50 years of age). In addition, unlike a Roth IRA, there is no income limit when choosing to contribute after-tax to the Roth 401(k) feature as an employee. Regulations are also set to enable employer contributions as Roth as well in 401(k)s.
For more information on ShareBuilder 401k’s Solo 401(k) offerings and promotion, visit www.sharebuilder401k.com
About ShareBuilder 401k
ShareBuilder 401k is a leading digital 401(k) provider specializing in low-cost, all-ETF retirement products and resources for small- to mid-sized companies, including owner-only businesses. Founded in 2005, and now serving more than 6,500 businesses across the US, ShareBuilder 401k is a pioneer of the index-based 401(k), digital quoting and purchasing of retirement plans, and providing investment management (ERISA 3(38)) services for every client’s fund roster. ShareBuilder 401k is committed to expanding access to retirement plans and leading more Americans to save through cutting-edge technology, low costs and quality education and support.
