Tax law provides an opportunity for owner-only businesses and self-employed individuals to save more for retirement when compared to other retirement plan alternatives. Contributions, in the form of salary deferrals and profit sharing contributions, can total as much as $52,000 in 2014 ($57,500 if age 50 or older).
In addition to these higher contribution limits, other advantages include the ability to take a loan from the plan and the limited administration required with an individual 401(k) plan.
Call 1-800-THE LION to learn more about how an Individual 401(k) can help build your retirement savings.
Investors should consider the investment objectives, risks, charges, and expenses of a fund carefully before investing. Download a prospectus that contains this and other information about a fund, and read it carefully before investing.