I discovered this really cool retirement plan that works for small business owners (this is one more reason not to be doing business as a sole proprietor). This type of plan allows for the possibility of transferring current retirement plans and then being able to legally borrow against them.The Edward Jones Owner K® is an owner only 401(k) plan. It is a retirement plan for businesses with no employees other than owners and their spouses (including self-employed individuals, corporations and partnerships) who desire to increase or maximize pre-tax retirement contributions with flexibility.
The plan allows you to make tax-deductible contributions for retirement while earnings grow tax deferred. The allowable contribution is larger than with a SEP IRA.
For more information about the features of this plan, please contact local Edward Jones financial advisor Scott Nance at 480-720-7068.
Reliable LLC Filings does not dispense legal or tax advice. We do however think the Owner K program is pretty nifty. This retirement plan may not be suitable for all circumstances. Please do your own due diligence before making any financial decisions.
