Small business owners have a number of retirement savings options.One type of plan is limited to self-employed individuals and business owners who have no employees other than a spouse.The plan combines a profit-sharing plan with deferral of salary.Such plans are called

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Self-employed 401(k) plans allow for contributions as both employer and employee, and are only available to self-employed individuals or business owners with no employees other than a spouse. This plan offers the highest contribution limits of any plan for small business owners, up to $58,000 in 2021 (or $64,500 for those over 50) and also allows for catch-up contributions. Additionally, contributions can be made on a pre-tax or after-tax (Roth) basis, providing flexibility in retirement planning. Overall, this plan provides a strong retirement savings option for self-employed individuals and small business owners.

Small Business Owners Have a Number of Retirement Savings Options