Blog Posts, Financial Planning, Investment Planning

What are the Contribution Limits for SEPs for 2020?

The most an employer can contribute to a SEP in 2020 is 25% of compensation up to $57,000. There is no catch-up contribution for participants over 50 years old. Additionally, only employers can contribute to SEP accounts. Employees may not make contributions. SEPs are also called SEP IRAs or Simplified Employee Pension Individual Retirement Arrangements… Continue reading What are the Contribution Limits for SEPs for 2020?

Blog Posts, Financial Planning, Investment Planning

What are the Contribution Limits for Individual 401(k)s for 2020?

The most that you can contribute as a self-employed person in your Individual 401(k) in 2020 is $57,000 if you are under 50 years old. If you are over 50 years old, the amount increases to $63,500. Individual 401(k) contributions are made up two parts; an employee contribution and an employer contribution. The maximum employee… Continue reading What are the Contribution Limits for Individual 401(k)s for 2020?

Blog Posts, Social Security

Should I Take Social Security at 70?

There are benefits to waiting until age 70 to claim social security. For example, waiting until age 70 will provide you with the highest net monthly payment. However, you should consider factors including your  life expectancy, your spouse‚Äôs social security strategy, and your financial needs. Waiting until age 70 to claim social security is not… Continue reading Should I Take Social Security at 70?