Use the interactive calculator to calculate your maximum annual retirement contribution based on your income. Simply enter your name, age and income and click "Calculate."
The result will be a comparison showing the annual retirement contribution that would be permitted based on your income in a SEP IRA, Individual 401k, Defined Benefit Plan or SIMPLE IRA. When inputting your annual income, use NET income if you are taxed as a sole proprietorship or W-2 wages if you are incorporated.
Maybe. Consider a defined benefit plan as an alternative to a SEP IRA if you would like to contribute more than the 2021 SEP IRA limit of $58,000. Contributions to a defined benefit plan are dependent on an individual’s age and income, but can potentially be $60,000 to $200,000 or more a year. We provide more information about them on our website www.definedbenefitplan.com.
If you would like to receive a free defined benefit plan proposal or have questions and need advice contact us. Beacon Capital Management Advisors is registered in all 50 States and is an Accredited Business of the Better Business Bureau since 2004. FINRA’s BrokerCheck.
Contact Eric Kuniholm