Before retirement plan “creatures” like solo 401(k) plans, Simplified Employee Pension and Savings Incentive Match Plans for Employees ruled the Earth, there were Keogh plans.
Alert: This age-old retirement plan isn’t a dinosaur. In fact, for some self-employed individuals, a Keogh plan is still the best alternative.
At the very least, if you’re deciding on a retirement plan for your self-employed business, this type of plan deserves a close look.
Here’s the whole story: The Keogh plan, named after the Congressman who sponsored the legislation authorizing its use, was designed to provide retirement savings for unincorporated small business owners who couldn’t benefit from the usual assortment of qualified retirement plans. (It was also referred to as an “HR 10 plan” due to the House number assigned to the bill.) After Congress enacted the Keogh plan in 1962, it quickly became the rage among self-employed professionals—includ...(register to read more)
- Small Business Tax Deduction Strategies No matches