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Individual 401(k) Solution
Armada’s Individual 401(k) solution allows independent business owners to save
more for retirement than any other type of retirement plan. Individual 401(k)s are available to
any business that employs only owners and their spouses or direct descendants. It is appropriate
for C corporations, S corporations, partnerships, or sole proprietorships. It is not appropriate
for businesses with employees, or those contemplating expansion in the near future.
The advantage of Armada’s Individual 401(k) Solution is that business owners may defer the maximum,
voluntary employee contribution, plus the maximum deductible employer contribution of 25%. The highest
possible combined contribution would be $40,000. In addition, business owners who are 50 or older can
make additional catch-up contributions. Individual 401(k) contributions are tax deductible for the
business, and tax-deferred for the individual business owner.
Additional Benefits of Armada’s Individual 401(k) Solution include:
- Higher deductible contribution than SEP or SIMPLE IRAs allows self-employed professionals and business owners to save more aggressively for retirement.
- Complete flexibility in rolling over funds from traditional IRA, SEP-IRA and Keogh plans, as well as transferring assets from other qualified employer-sponsored retirement plans.
- Loans and hardship withdrawals available
- Easy to set up
- Low set up charge – $200
- Lower-than-average annual administrative fees – $200 per year
- Assets are free from the claims of creditors
For more detailed information about the features and advantages of Armada Individual 401(k) Solutions,
review our Armada Guide to Employer- and Employee-Funded Retirement Plans.
If you would like to download information about the Armada Individual 401(k) Solution
or have additional information mailed to you, click here.
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