Using the retirement calculator you can calculate the maximum annual retirement contribution limit based on your income. Enter your name, age and income and then click "Calculate."
The result will show a comparison of how much could be contributed into an Individual 401k, SEP IRA, Defined Benefit Plan or SIMPLE IRA based on your income and age. If you are taxed as a sole proprietorship use your NET income when using the calculator. If you are incorporated, then only use your W-2 wages when using the calculator. For example, S corporation K-1 distributions (corporate profits) are not included when making the contribution limit calculation.
Note: Consider a defined benefit plan if you want to contribute more than the 2022 Individual 401k contribution limit of $61,000. A 401k plan and a profit sharing plan can be combined with a defined benefit plan to maximize annual contributions. Total contributions to a defined benefit plan can potentially be $100,000 to $250,000 or more. We provide more information about them on our website www.definedbenefitplan.com.
If you have questions or need advice contact us. Beacon Capital Management Advisors is registered in all 50 States and is an Accredited Business of the Better Business Bureau since 2004. FINRA’s BrokerCheck.Contact Eric Kuniholm