Self-Employed Retirement Plans in Maryland, District of Columbia and Virginia
Self-Employed Retirement Plan options and choices for self-employed individuals and business owners living in Maryland, District of Columbia and Virginia
Self-Employed 401(k) Plans in Maryland, District of Columbia and Virginia
Comrade Financial Group is to help you set up your Self Employed 401(k) Plan for owner-only businesses, partnerships and Self Employed Individuals for all residents in Maryland, DC and Virginia. Qualified and Non Qualified Retirement Plan options for self-employed individuals and business owners. Know your options and choices as well as the underlying investment that will grow your account.
Qualified VS. Non Qualified Retirement Accounts
If you have left your old job, you most likely have a 401k plan that is non transferable. So what to do with it. Any plan that is regulated by the IRS is considered a Qualified plan. These have limits on contributions that change yearly but if you do the math. You will never be able to retire even if you max out your 401K and individual IRA. In addition to that, there are other options which are considered Non Qualified Retirement Plans. Comrade Financial Group chooses annuities for this investment as they are easy to understand and offer safety and security with market ups and downs. What ever your plan is, we just want to make sure that you understand all of your options.
Features
Tax deferred growth, Tax deductible contributions, Pre tax employee deferral contributions
Eligibility
Self employed Individuals, Owner only businesses, Partnerships, Spouses of Owners of businesses
Maximum Contribution IRS
Salary deferrals up to $17,000 in 2012
Salary deferrals up to $17,500 in 2013
Catch up contributions
Additional salary deferral of $5,500 for 2012 (if 50 or older)
Deadline
The deadline to open this plan is December 31 or the end of the Fiscal Year
Profit Sharing Contribution
Up to 25% of your compensation not to exceed annual maximum of $50,000 for 2012 and $51,000 for 2013
Responsibilities of Administrators
Annual filing form IRS 5500 after plan assets exceed $250,000
Withdrawals
Minimum required distributions starting at age 70.5
10% early withdrawal penalty if under age 59.5
Investment Options with Comrade Financial Group
Annuities, Annuities, and more Annuities
Fixed Annuities
Fixed Indexed Annuities
MYGA Annuities
CD Type Annuities
Comrade Financial Group mainly wants to educate you on all of the various types of investment vehicles that your retirement plan can contain. It is too late to change once you set up your account and then realize that your investments are not doing what you thought. It is always better to take the slow road to wealth with understanding and patience. We look forward to working with and educating you about all of your options, not just the easiest one.
