Meet Kayla, Real Estate Agent
Starting her own real estate firm was a dream come true for Kayla, and now that she’s been operating her small business for over a year, her financial advisor suggested she start a retirement plan as a way to take advantage of tax deductions for the business and grow her own nest egg.
While Kayla is already saving for her future using personal savings and checking accounts, this plan is her first retirement savings vehicle. Her financial advisor discussed the benefits and differences between a 401(k) plan and an IRA—and with long-term goals like hiring additional employees and maximizing her own retirement savings, Kayla decided a 401(k) plan made the most sense.
The CoPilot Open Architecture Solo(k) plan was the right fit for her small business, allowing her financial advisor to choose and handle the investments in the plan so she can focus on running her business. Setting up the plan with features like an employer discretionary match and profit sharing will allow Kayla to contribute as much as possible to her retirement as her business grows. She can decide how much to contribute as the employee in the plan and as the employer, allowing for a tax deductible contribution up to $58,000 per year.
Many new small business owners can relate to Kayla’s goals, attitudes, and challenges when it comes to running her business while also preparing for a financially-secure retirement.
Click the + below to learn more about Kayla’s small business:
To learn more about choosing the right plan for your small business and explore our CoPilot plan options, check out the Retirement Plans Flowchart tool.
A CoPilot Solo(k) plan option is ideal for owner-only businesses and partnerships like Kayla’s. This is great news for Kayla, as Solo(k) plans operate just like large company 401(k) plans—allowing her to decide how much she’d like to contribute to her retirement as both the plan sponsor and the plan participant.
The CoPilot Open Architecture 401(k) is a great fit for this small business because it offers the CoPilot features of Savings Alerts and Years of Retirement calculations, while providing ultimate flexibility in plan setup and investment selection. With access to thousands of investments, CoPilot Open Architecture is a great fit for Kayla’s company.
Planning for a comfortable retirement is an important factor for Kayla—one that she hopes to help her future employees with one day as well. Whether you’re looking to attract and retain employees, lower your business’s annual tax bill, or simply enhance your staff’s retirement outcomes, there are plenty of reasons to choose a 401(k) plan.
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CoPilot recordkeeping services include Years of Retirement calculations and savings alerts. Services for CoPilot are provided by Plan Administrators, Inc. (PAi), an Ascensus company. The Years of Retirement resource is for illustrative purposes only and is not, in any way, a guarantee of future results. CoPilot Prime is a suite of services provided by Plan Administrators, Inc. and PAi Trust Company, Inc. (PAi), which are Ascensus companies. CoPilot recordkeeping services include Years of Retirement calculations and savings alerts and are provided by PAi. Investment fiduciary services for CoPilot Prime are provided by PAi Trust, which is an affiliated business entity to PAi under common control and ownership interest. Services for CoPilot Prime Pooled Employer Plan are provided by PAi Trust Company, Inc., an Ascensus company. 401(k) plans are: Not FDIC insured | Not bank guaranteed | May lose value CoPilot IRA is a retirement service and is not an independent entity. Services for CoPilot IRA, including Years of Retirement and savings alerts, are provided by and through PAi Trust Company, Inc., an Ascensus company. PAi Trust Company does not provide any tax, legal, or investment advice. Individual Retirement Accounts are: Not FDIC insured | Not bank guaranteed | May lose value |