Our 401(k) plans are designed to lower the cost of retirement benefits to help you save more. Whether you’re a small business starting your first 401(k) plan or a larger business looking to save costs and increase your service, we’re here to serve you.
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Explore tax benefits and higher yearly contribution limits with a 401(k).
When it comes to 401(k) plans, it can be tough for small business owners to know all the important facts. Do you qualify, what tax credits do I receive, how much can I really save, does it cost much etc.? Here's the scoop.
A Roth 401(k) allows employees to make after-tax contributions to their 401(k) account up to the 401(k) contribution limits. Once in retirement, these funds aren’t taxed when withdrawn, earnings and all. Roth 401(k)s have distinct advantages over Roth IRAs too. Learn more.
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* ShareBuilder 401k plan expenses range from 23% to 68% less than the industry average at various data points from a $50K plan with 6 participants to a $100M plan with 2,000 participants based on 401k Averages Book 2023 Data and Custom Benchmarking report prepared for ShareBuilder Advisors. Cost comparisons are based on plan assets and number of participants and reflect core on‐going 401(k) plan expenses that a company and/or its employees can expect to incur as a percentage of assets with most any 401(k) plan. This includes administration, recordkeeping, tax filing prep documents, plan testing, fund expense ratios, and other investment costs passed on to every participant to service the plan. It does not include unique employee-initiated transactions such as loans, distributions or employer transactions such as plan amendments. ShareBuilder 401K pricing is based off of standard pricing rates for our typical Safe Harbor 401(k) plan design. This claim is not applicable to solo 401(k) plans.
1 High-quality Funds: The ShareBuilder Advisors Investment Committee conducts an annual review of the Exchange-Traded Funds offered as ShareBuilder 401k investment options. The review includes multiple variables including length of time since inception, asset level, historic performance over one to ten years, expense ratios, and how the funds compare to their respective benchmark index. Each fund is monitored and changes are made to the fund lineup as needed to align the investment options to the Investment Committee’s investment policy.
Our low-cost 401k plans are easy to setup online and are supported by our 401k advisors and specialists. ShareBuilder 401k serves small business and medium-sized companies, as well as the self-employed. We offer Roth 401k, Safe Harbor 401k, Traditional 401k, and Solo 401k options. Your 401k plan is paired with investment management expertise and employee education to help you save more.
A subset of the 401(k) plan is the SIMPLE 401(k) plan. Just like the SIMPLE IRA plan, this is a plan just for you: the small business owner with 100 or fewer employees. However, just as with the SIMPLE IRA plan, there is a two-year grace period if you exceed 100 employees, to allow for growing businesses.
Small business owners can benefit from many tax advantages related to opening and maintaining a 401(k) plan. Owners, just like their employees, receive the benefits of building savings for retirement including Roth and/or tax-deferred options and will receive any employer contributions.
NerdWallet found ShareBuilder 401k to be one of the seven best and most reputable 401(k) providers for small businesses that you should consider in 2022. We've reviewed many Solo 401(k) options based on costs, investment choices, customer service, and other features. Here are the six best Solo 401(k) providers.
SE 401(k): Self-employed individual or business owner with no employees other than a spouse. SEP IRA: Self-employed individual or small business owner, primarily those with only a few employees.
A "SIMPLE" plan is a type of simplified retirement plan for small businesses. Because of its streamlined features, it is not subject to the complex qualification requirements associated with tax-qualified retirement plans. Administrative and legal costs therefore are minimized.
The SECURE 2.0 Act of 2022 (SECURE 2.0) became law on December 29, 2022. The new law makes sweeping changes to 401(k) plans – particularly plans sponsored by small businesses. It includes provisions intended to expand coverage, increase retirement savings, and simplify and clarify retirement plan rules.
Solo 401(k) plans are not limited to sole proprietorships. Businesses that are structured as limited liability corporations (LLC), as well as partnerships, may also participate in these plans if they meet all the eligibility requirements.
The safest place to put your retirement funds is in low-risk investments and savings options with guaranteed growth. Low-risk investments and savings options include fixed annuities, savings accounts, CDs, treasury securities, and money market accounts. Of these, fixed annuities usually provide the best interest rates.
Three of the most popular options are a solo 401(k), a SIMPLE IRA and a SEP IRA, and these offer a number of benefits to participants: Higher contribution limits: Plans such as the solo 401(k) and SEP IRA give participants much higher contribution limits than a typical 401(k) plan.
Setting up your 401(k) plan typically costs between $500 and $2,500, which is known as your one-time startup fee. These fees cover the cost of working with a retirement plan specialist in order to design the plan.
Many smaller companies opt for SEP IRAs because they are cost-effective and relatively simple to run while still allowing the business owner to help their employees save for retirement. In this plan, business owners can make contributions to IRAs they set up for themselves and their employees.
An Individual 401(k) plan is available to self-employed individuals and business owners, including sole proprietors, owner-only corporations, partnerships, and independent consultants with no employees other than a spouse.
A safe harbor 401(k) plan is similar to a traditional 401(k) plan, but, among other things, it must provide for employer contributions that are fully vested when made.
Imagine you earn $60,000 a year, and your employer matches the contributions you make for up to 3 percent of your salary. You would like to save a total of 10 percent of your salary, including the match. So you decide to defer 7 percent of your own pay in each paycheck.
The SIMPLE IRA plan has a lower deferral limit than a Solo 401(k) plan. However, unlike a Solo 401(k) plan, the SIMPLE IRA plan uses an IRA-style trust to hold SIMPLE IRA contributions for each employee, rather than a single plan like a 401(k) Plan or other qualified retirement plan.
The most notable difference between the SEP-IRA and the solo 401(k) is that, as discussed below, the 401(k) allows sole proprietors to contribute more, up to $69,000 in 2024 ($76,500 for age 50+) if there is enough compensation to support it, without having to have the full $345,000 in net profit for the year that ...
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