SHAREBUILDER 401K WAIVES SETUP COSTS FOR SOLO 401(K) AND SMALL BUSINESS 401(K) PLANS

Limited-time Promotion Helps Businesses Cut Expenses on New 401(k) Plans

SEATTLE, Nov. 29, 2023 /PRNewswire/ -- To help businesses save, ShareBuilder 401k, a leading provider of low-cost digital retirement plans backed with 401(k) specialists, is waiving 401(k) plan setup costs for a limited time. Plans are available for any sized business, including the self-employed.

From November 29 through December 20, 2023, companies with more than one employee can save up to $995 in setup costs by starting a Small Business 401(k) plan with ShareBuilder 401k. During the same period, self-employed business owners can start a new Solo 401(k) plan and skip the standard setup charge of $150.

"Inflation has people looking for new ways to save money," said Stuart Robertson, CEO of ShareBuilder 401k. "Starting a 401(k) can help business owners and their employees put away more funds while reducing personal and business taxes. So, it's not only great for you, it's also an excellent benefit for companies to offer."

Traditional tax-deferred 401(k) contributions provide tax benefits in the current year, while Roth 401(k)s allow savers to make tax-free withdrawals after retirement. In 2024, Small Business 401(k) participant contribution limits will increase from $22,500 to $23,000. Total 401(k) contribution limits (employer contributions plus employee contributions), will increase from $66,000 to $69,000 ($76,500 if you're 50 years of age or older). Plus, companies with employees starting their first 401(k) plan can receive tax credits of up to $5,500 per year for the first three years. Adding 401(k) benefits are truly a powerful, low-cost benefit that most businesses can afford.

Of note for the self-employed looking for 2023 401(k) tax and saving advantages, if their business structure is a corporation, partnership, or multi-member LLC, a Solo 401(k) plan needs to be purchased and set up before year end. Then, plan owners will have until their tax deadline to make contributions for 2023 – that's April 15^th for most. And now, thanks to Secure Act 2.0, sole proprietors and single-member LLCs may choose to purchase and fund their 401(k) by their tax deadline and still make 2023 contributions.

For investors feeling uncertain about today's markets, ShareBuilder 401k also offers high-yield money market accounts. And in case of emergencies, 401(k) account holders can borrow against their 401(k) with a penalty-free loan.

For more information on ShareBuilder 401k's year-end promotion, visit www.sharebuilder401k.com.

About ShareBuilder 401k
ShareBuilder 401k is a leading digital 401(k) provider specializing in low-cost, all-ETF retirement products and resources for small- to mid-sized companies, including owner-only businesses. Founded in 2005 and now serving more than 6,500 businesses across the US, ShareBuilder 401k is a pioneer of the index-based 401(k), digital quoting and purchasing of retirement plans, and providing investment management (ERISA 3(38)) services for every client's fund roster. ShareBuilder 401k is committed to further expanding access to retirement plans and leading more Americans to save through intuitive technology, low costs and quality education and support. More information on the company can be viewed online at: https://www.sharebuilder401k.com/

SOURCE ShareBuilder 401k

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