No business is too small for a retirement plan.
As a freelancer or sole proprietor business owner, being your own boss has its benefits: flexible hours, setting your own schedule, deducting home office expenses.
However, you do miss out on some of the benefits that traditional workers enjoy, like employer-sponsored insurance and paid time off.
You might think that list of tradeoffs includes 401(k) retirement savings—but it doesn’t to be this way. With Single(k)® Plus plans from Ubiquity Retirement + Savings™, it’s easy to invest in your future in a tax advantaged solo 401(k) plan. Start saving for your retirement today—reducing your tax bill, while allowing your investments to grow tax-free until your golden years.
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Ubiquity Single(k)® Plus plans are solo 401(k) retirement plans for one-person businesses.
They are designed specifically for freelancers, independent contractors, and other “1099 workers” who do not work for large companies with HR and Benefits departments.
With Single(k)®, you get all the 401(k) benefits that employees of large businesses enjoy, including tax-deductible retirement savings and the ability to take out loans against your savings. However, you avoid the complicated paperwork, long startup times, and compliance headaches you would face setting up a big-business 401(k) plan.
You can put aside thousands of dollars each year in tax-deductible retirement savings, with a plan you can quickly set up and manage on your own.
Single(k)® Plus combines the simplicity of individual retirement savings with the flexibility and higher contribution limits of a big-business profit-sharing plan. You can lower your taxable income today while building your nest egg for when you are ready to retire.
When you choose a Single(k)® Plus plan, you have the opportunity for nearly 10x the tax-advantaged retirement savings each year than with a traditional individual retirement account (IRA).
For 2021 you can contribute up to $19,500, plus an additional $6,500 in “catch-up” savings if you are 50 or older. (If you are saving with a traditional IRA, the 2021 contribution limit is just $6,000, plus catch-up contributions of $1,000 for those 50 or older.)
With a Single(k)® Plus plan, you also have the option to contribute up to an additional $36,000 in what’s called “profit-sharing” contributions.
(If you imagine a big-business 401(k) plan, where the employer also contributes money to employees’ retirement accounts, that is the employer portion.) As a freelancer or independent contractor, you are technically both the employer and the employee—so you can max out both kinds of contributions if you choose. If you do, that is a total savings potential of up to $58,000 in tax-advantaged retirement savings this year!
Withdrawing funds from a 401(k) account before you retire is never a good idea—and carries hefty fees. However, one of the big-business benefits that Ubiquity Single(k)® Plus plans bring to freelancers and self-employed business owners is the ability to take out loans against your retirement savings if you need to.
You can borrow up to $50,000 from your vested retirement account savings. For a general-purpose loan, you can pay yourself back over a loan term up to five years. If you are borrowing to purchase a home, you can pay yourself back over 30 years.
Ubiquity has helped over 100,000 small business savers contribute over $2.8 billion towards their retirement since 1999.
Our retirement consultants have an average of 10 years’ experience and can help you set up a personalized retirement plan over the phone from our U.S.-based offices in less than an hour.
As one of the first flat-fee providers for small business 401(k), each plan has a dedicated implementation manager and support team. Furthermore, SOC1 compliance ensures your data is safe.
Given our tenure in this field, we have experienced retirement plan consultants who deliver one-on-one coaching when you need them, a low-cost commitment due to our flat-rates, no AUM (Asset Under Management) fees that many other providers have, and much more!
““I am not a 401(k) expert and the team at Ubiquity I work with has been patient, kind and are willing to help me obtain the knowledge I need to grow in my career.””