Single(k) Announces Roth 401k for Owner-only Businesses
SAN FRANCISCO, CA, December 13, 2006 -- Single(k), a leading Web-based 401k provider for owner-only businesses, today announced its Roth addition to its product.
Roth 401k is a hybrid that combines features of Roth IRAs and traditional 401k plans, but differs in important aspects. A Roth 401k is similar to a Roth IRA in that it allows after-tax contributions to earn tax-free retirement income. However, a Roth 401k allows for sharply higher annual contribution amounts for the employee deferral election than a Roth IRA, up to $15,000 to $20,000 (if older than age 50) in the 2006 tax year versus just $5,000 for a Roth IRA. For 2007, the Roth 401k employee deferral amount increases to $15,500 with the catch-up contribution for individuals over the age of 50 remaining $5,000.
Both Roth and traditional 401k plans are an easy and cost-effective way for one-person businesses to maximize their retirement savings. Chad Parks, CFP® and CEO of Single(k) says, “Launching an exciting new feature such as the Roth Single(k) is a major milestone. We are pleased we can continue to bring big-business flexibility and choice to our owner-only business clients.”
Owner-only businesses interested in signing up for the Roth Single(k) can go to www.single-k.com.
About Single(k)
Single(k) is a 401k provider for owner-only businesses or those with part-time employees only. This includes sole proprietorships, partnerships and corporations. Single(k) offers a wide variety of investments from which to choose. It’s a smart, affordable alternative to the products with hidden fees present in the overwhelming majority of 401k providers. For more information on Single(k) and its services please visit www.single-k.com
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