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What is Charles Schwab 401K Plan
Schwab offers small business retirement plans for any size business that include Individual 401(k) Plans, SEP-IRAs, Simple IRAs, Personal Defined Benefit Plans and Company Retirement Accounts.
Individual 401(k) Plan — Individual 401(k) Plans are designed for businesses that have no employees other than the business owner. These Accounts allow high contribution limits and are easy to administer and maintain.
SEP-IRA Accounts — SEP-IRA Accounts are designed for businesses that employ just the business owner and minimal number of employees that allow for tax deferred earnings via flexible annual contributions for business owners and employees and are also easy to administer and maintain.
Simple IRA Accounts – Simple IRA Accounts are designed for businesses with up to 100 employees and allow for employee salary-deferred contributions and employer matched contributions of up to 3%. These types of accounts are also easy to administer and maintain.
Personal Defined Benefit Plans are designed to help self-employed individuals and small business owners save money for retirement by making very high contributions to reach a certain predefined annual retirement amount of money and then contributions are adjusted annually to reach that predefined goal. These accounts require $1,500 to set up and annual service fees are involved, as well as commissions of $8.95 per online trade.
Company Retirement Accounts (CRAs) are also known as Pension Trusts and hold your particular plan’s assets as well as provide investment options, tools, research and other resources.
Charles Schwab 401K Loan Conclusion
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