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Small business retirement plans, big opportunities
NWIS is more than quality coverage for you and yours. With access to innovative tools, money-saving discounts and a local agent, it’s easy to ensure that your business retirement savings is simple and flexible. Make sure you’re covering all your bases. Read on to see all that NWIS has to offer.
401(k)
A 401(k) plan is a tax-advantaged, defined-contribution retirement account offered by many employers to their employees.
401(k)
A 401(k) plan is a tax-advantaged, defined-contribution retirement account offered by many employers to their employees.
Solo 401(k)
The 401(k) plan has gained popularity among small business owners ever since 2001, when some changes to federal tax law made it a better...
Solo 401(k)
The 401(k) plan has gained popularity among small business owners ever since 2001, when some changes to federal tax law made it a better...
Simple IRA
A SIMPLE IRA is a retirement savings plan that most small businesses with 100 or fewer employees can use. "SIMPLE" stands for "Savings Incentive Match Plan for Employees."
Simple IRA
A SIMPLE IRA is a retirement savings plan that most small businesses with 100 or fewer employees can use. "SIMPLE" stands for "Savings Incentive Match Plan for Employees."
SEP IRA
A simplified employee pension (SEP) is an individual retirement account (IRA) that an employer or a self-employed person can establish.
SEP IRA
A simplified employee pension (SEP) is an individual retirement account (IRA) that an employer or a self-employed person can establish.
403(b)
A 403(b) plan is a retirement account for certain employees of public schools and tax-exempt organizations. Participants include teachers, school administrators, professors, government employees, nurses, doctors, and librarians.
403(b)
A 403(b) plan is a retirement account for certain employees of public schools and tax-exempt organizations. Participants include teachers, school administrators, professors, government employees, nurses, doctors, and librarians.
Rollover
A rollover may entail a number of actions, most popularly the transfer of the holdings of one retirement plan to another without creating a taxable event.
Rollover
A rollover may entail a number of actions, most popularly the transfer of the holdings of one retirement plan to another without creating a taxable event.
2024 Contribution Limit Increases
| Contribution | 2023 Limit | 2024 Limit | Change |
|---|---|---|---|
|
401(k)/403(b) Employee Contribution |
$22,500 |
$23,000 |
$500 |
|
401(k)/403(b) Catch-Up Contribution |
$7,500 |
$7,500 |
$0 |
|
401(k)/403(b) Total Contribution <50 |
$66,000 |
$69,000 |
$3,000 |
|
401(k)/403(b) Total Contribution 50+ |
$73,500 |
$76,500 |
$3,000 |
|
457(b) Contribution |
$22,500 |
$23,000 |
$500 |
|
Traditional IRA Contributions |
$6,500 |
$7,000 |
$500 |
|
Traditional IRA Catch-Up Contribution |
$1,000 |
$1,000 |
$0 |
|
Roth IRA Contribution |
$6,500 |
$7,000 |
$500 |
|
Roth IRA Catch-Up Contribution |
$1,000 |
$1,000 |
$0 |
|
SEP-IRA Contribution |
$66,000 |
$69,000 |
$3,000 |
|
Simple IRA/SIMPLE 401(k) Contribution |
$15,500 |
$16,000 |
$500 |
|
HSA Contribution (single) |
$3,850 |
$4,150 |
$300 |
|
HSA Contribution (family) |
$7,750 |
$8,300 |
$650 |
|
Healthcare FSA Contribution |
$3,050 |
$3,200 |
$150 |
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