San Francisco Chronicle Reviews IRA Financial Group Solo 401k Press Release
June 15th, 2012
The San Francisco Chronicle reviewed a recent Solo 401k press release from IRA Financial Group in an article on their website entitled “IRA Financial Group Report Shows Self-Employed Individuals Moving from SIMPLE IRA to Solo 401(k) Plan in Significant Numbers”
IRA Financial Group Tax Attorney Adam Bergman is quoted in the excerpt below:
“The growing recognition by accountants and retirement advisors of the enormous retirement advantages of the solo 401(k) plan versus the SIMPLE IRA is not surprising considering the solo 401(k) plan offers far more tax planning advantages than a SIMPLE IRA,” stated Adam Bergman, a tax attorney with the IRA Financial Group. For example, if a self-employed individual over the age of 50 earned $100,000 and earned income, with a SIMPLE IRA that individual would only be able to defer $14,000 for that year. Whereas, in the case of a solo 401(k), thanks to the 2002 EGTRRA Act, the self-employed individual would be able to defer approximately $42,500 ($22,500 as an employee deferral and 20% of his/her compensation as a profit sharing contribution).
Please click here to read the entire San Francisco Chronicle article.