Vernon Management Group logo Vernon Management Group

Small Business Retirement Planner in Richmond, VA

We are fiduciary and fee-only financial advisors for owners and teams. Our services are tailored, tax-smart, and easy to manage.

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Why Plan for Retirement as a Small Business Owner?

The right retirement plan can secure your future, deliver powerful tax benefits, and help you attract and retain great employees. We simplify the retirement planning options and guide you to the best fit for your business.

Tax Savings

Benefit from deducting contributions and have the opportunity to defer taxes or avoid them altogether on your investment growth.

Secure Future

A well-structured retirement plan helps build a substantial and meaningful nest egg for ensuring long-term financial independence.

Attract Talent

Provide attractive benefits packages to differentiate your business in the job market and enhance employee retention rates.

Fiduciary, Fee-Only Advice

We act as fiduciary advisors, which means we must legally and ethically put your best interests first. Our fee-only structure ensures that our compensation is tied to your investment success, making our wealth management advice unbiased and focused on your growth. We frequently utilize Charles Schwab as a custodian, offering robust and cost-effective plan options.

Explore Your Retirement Plan Options

Solo 401(k) & Solo Roth 401(k)

Best for: Sole proprietors with no employees (other than a spouse) or partners in a partnership.

A Solo 401(k) is a strong retirement plan for self-employed people and their spouses. This account lets you contribute as both the employee and the employer. It allows much higher contribution limits than many other plans. This dual contribution structure provides a substantial tax advantage and speeds up your retirement savings. The Solo Roth 401(k) lets you make after-tax contributions. This gives tax-free growth and tax-free withdrawals when you retire.

Employee Salary Deferral Limits:

  • 2024: $23,000 (or $30,500 if age 50+)
  • 2025: $23,500 (or $31,000 if age 50+) (ages 60–63 may have higher catch-ups if plan permits)

Total (Employee + Employer):

  • 2024: up to $69,000 (or $76,500 if age 50+)
  • 2025: up to $70,000 (or $77,500 if age 50+)
  • Employer portion: generally up to 25% of W-2 wages (~20% of net self-employment income)

At Vernon Management Group, our financial advisors can help you determine whether this is the right financial plan to meet your financial goals.

  • High contribution limits for maximizing wealth accumulation
  • Option for Roth contributions for tax-free growth
  • Potential to take a loan from the 401(k) plan

Discuss Solo 401(k)

SEP IRA (Simplified Employee Pension)

Best for: Self-employed and small businesses seeking a simple plan with high employer contributions.

The SEP IRA is a great retirement plan for small business owners or self-employed people. It is simple and low-cost. This account is simple to set up and maintain, with flexible, employer-only contributions. The contribution amounts can vary yearly, giving you control over your investment based on your business's performance. Employer contributions give big tax benefits because the business can deduct them from taxes.

Employer Contribution Limits:

  • Lesser of 25% of compensation (or ~20% of net self-employment income) OR:
  • 2024: $69,000 maximum (comp limit $345,000)
  • 2025: $70,000 maximum (comp limit $350,000)

As your Vernon Management Group financial advisor, we can help with the investment management and risk management of your plan.

  • Easy and inexpensive to establish and maintain
  • Flexible, discretionary employer contributions
  • High contribution limits offer a strong tax advantage
Explore SEP IRA

SIMPLE IRA (Savings Incentive Match Plan for Employees)

Best for: Employers with ≤100 employees who want low administrative burden.

A SIMPLE IRA is an ideal, low-cost retirement plan for small businesses. Both employees and employers can contribute. This helps attract and keep workers by offering good benefits and a clear way to financial security. We ensure the plan aligns with long-term objectives.

Employee Deferral Limits:

  • 2024: $16,000 (or $19,500 if age 50+)
  • 2025: $16,500 (or $20,000 if age 50+) (ages 60–63 may have higher catch-ups if plan permits)
Learn About SIMPLE Options

Ready to Secure Your Financial Future?

Choosing the right small business retirement plan is a big step. Get fiduciary, fee-only financial planning that puts your interests first.

Book Your Complimentary Consultation

Prefer to call? (804) 683-8479