Single Participant 401k Plans for CPAs

I have my own CPA business and I do not employ anyone else at present. Why is a 401k a better plan for me than the other retirement benefit plans? What is the easiest and cheapest way to establish a 401k plan that I can manage easily month after month?- Andy Hart, Charleston, South Carolina.

The government has made it easy for small business owners to save for their retirement by allowing some significantly large contributions to be made to their 401k plans. For single participant 401ks, the contributions are much higher than what you can make to other retirement benefit plans. Catch up provisions make it possible for those who are starting late to set aside a comfortable sum for their golden years. For your single person CPA business you can definitely set up a 401k plan and you can even recommend it to your owner only business clients.

The easiest way to set up a 401k plan for your business is to go for a ready to use software suite like the one offered by http://low-cost-401k.com/. These plans are designed to be user friendly so that setting up a brand new plan should not take much time or effort. If you are still not very confident about setting up the plan on your own, then choose a DIY suite like this one that offers a demo. Once you have looked through the demo, establishing your plan should not pose any problem at all.

Since you do not have to hire a plan administrator for such DIY 401k plans, these are also cost effective options for your business. These plans give you a range of investment options, the flexibility to customize your plan and complete control over the plan at a fraction of the cost you would pay to a third party to setup and manage your plan.

About Elliot Earl, Director, Pension Trade Association
Director, Pension Trade Association Founded in 1982, the Pension Trade Association [California Domestic Nonprofit Corporation #C1629080] is dedicated to helping workers save for their retirement through expanded coverage of 401k -type defined contribution pension plans.

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