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Retirement Plans For Business Owners In Georgia
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US-001HB
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Small businesses may choose to offer IRAs, defined contribution plans, or defined benefit plans. Many financial institutions and retirement plan practitioners make available one or more of these retirement plans that have been pre-approved by the IRS.
The State of Georgia provides a comprehensive retirement plan to all full-time benefits eligible employees through the Employee Retirees System (ERS). Retirement plan participation is mandatory for all eligible employee.
Normal Retirement: With 10 years of Creditable Service you are vested. Once you reach 30 years of service or are vested at age 60, you are eligible for an immediate benefit without reduction. If you are an Old Plan Member, you are eligible for extended benefits with 34 years of service.
All personnel employed in a permanent status position, not less than half-time, are required to be members as a condition of employment.
SEP IRAs (Simplified Employee Pension Plan) and SIMPLE IRAs (Savings Incentive Match Plan) were created specifically for self-employed individuals or small business owners and their employees. Contributions help you and your employees get ready for retirement.
SEP IRA: Self-employed individual or small business owner, primarily those with only a few employees.
If you are self-employed, it's in your hands to set up a retirement plan for yourself. You have many options to choose from including an IRA/Roth IRA, SEP or SIMPLE IRA, but the best best choice, if you qualify, is the Solo 401(k) plan. Learn why! -- Learn more about the Solo 401(k): .
Georgia State Employees' Pension & Savings Plan (GSEPS) The maximum contributions to your GSEPS 401(k) is 5% of your earnings. For more information access the ERS website at .ers.ga or the DNR intranet at .
The solo 401k is the answer for a self employed individual, but Roth IRA is still a better investment vehicle first. You use the solo 401k to lower your taxable income. If you call up any financial institution (I used vanguard), they should be happy to help you set it up.
Open a SIMPLE IRA through a bank or another financial institution. Set up a SIMPLE IRA plan at any time January 1 through October 1. If you became self-employed after October 1, you can set up a SIMPLE IRA plan for the year as soon as administratively feasible after your business starts.