Owner multiple business and retirement plans

Discussion in '401k, IRA and Retirement' started by airfox3, Jan 18, 2016.

  1. airfox3

    airfox3 New Member

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    If your an owner (partial owner) in more than one business can you make contributions to each 401k plan.
     
  2. JR Ewing

    JR Ewing Super Moderator Staff Member

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    Just like with individual retirement plans, you'll have a single total limit that you may be able to spread around.
     
  3. Corzhens

    Corzhens Senior Investor

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    I know of some people who have multiple businesses. One such guy invested his excess money in bank trust accounts. These are accounts like time deposits which have a higher interest but a more fluctuating rate. But they seem to be practically the same in nature so it is a safe account. After 20 years, the money you invested is more than tripled. Not bad eh?
     
  4. crimsonghost747

    crimsonghost747 Senior Investor

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    Now this is a crucial piece of information that kinda got left out of the original post. I'm not familiar with your system too well but just for a fraction of a second I thought someone figured out a way to put as much in his 401k as he wanted. :D
     
  5. JR Ewing

    JR Ewing Super Moderator Staff Member

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  6. Corzhens

    Corzhens Senior Investor

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    I guess it is not illegal to have several 401k plans as long as you pay the required premium. I'm sorry if I got it wrong, my focus is on the pension plans offered by private companies. Now if it is a government 401k like the social security system, I guess it can have a complication since government subsidized plans are supposed to be 1 for each individual only. Our only retirement plan here by the government is the SSS (Social Security System) where an employee pays premium and receives pension when he reaches 60 years of age provided he had contributed at least 120 months of premium.
     

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