Crew Capital Management Thoughts on Investment

Welcome to the Crew Capital Management Thoughts on Investment blog. At Crew Capital, investment education is key to how we work with our clients. We hope our conversation and analysis entice you to think further on your investment strategies and planning. For further discussion, please contact us at rjung@crewcapital.com

Thank you!
Robert F. Jung, CFA CPA*

*CPA inactve

Wednesday, April 9, 2008

Retirement Plans for the Self Employed

The following article offers a few suggestions for retirement plans for the self employed. The focus of the article is on "defined contribution" plans, which are plans that focus on the amount of allowable contributions to the plan each year.

http://finance.yahoo.com/focus-retirement/article/104809/Tax-Free-Retirement-Accounts-for-the-Self-Employed?mod=retirement-IRA

An alternative retirement plan that the self employed especially should consider is called a "defined benefit" plan. For individuals older than 45, the annual contribution amount is greater than that for a defined contribution plan and, therefore, the tax savings is greater. Defined benefit plans are little more complex, but for the right individual, this option is of greater value.

The following chart illustrates the maximum contributions for different plans for a person 52 year old.

Highest Contributions

OnePersonPlus may allow you to contribute 3-4 times the amount you might otherwise contribute to a SEP or 401(k). Your contribution maximum is based on your age, income and years to retirement.* 2007 plan maximum contributions for a 52 year old, including "catch-up" contributions for $5,000 for a 401(k).

For more information please visit our website.
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