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Having a retirement plan in place can help you recruit, keep and reward your employees while you also put away tax-advantaged retirement funds for yourself as part of a pre-planned exit strategy. We educate and advise business owners on the benefits of adding a retirement plan and help identify the best options for your company. As a fiduciary financial adviser, we can set up any type of retirement account and professionally manage your investments.

There are many different types of retirement plans available; it all starts with your business structure as well as your goals. We will break down which plan may fit best, whether it be a SIMPLE, SEP, 401(k) or other type of plan. Each has very specific requirements and limits, but the goal is helping you and employees make pre-tax contributions to lower taxation on overall income, accumulate wealth over time and help ensure that you don’t retire empty-handed.



401(k) Plans

Employer-offered 401(k) retirement plans allow employees to contribute up to $23,000 for 2024, with workers over age 50 permitted catch-up contributions of an additional $7,500. That means anybody, including business owners, could be reducing their taxable income by as much as $23,000 per year plus catch-up of $7,500 if eligible. But tax benefits don’t stop there for business owners. There’s also a tax credit available for those with 100 employees or less starting a small business 401(k) plan for the first time with valuable tax credits for each of the first three years. You can also deduct plan management expenses as well as matching contributions the business makes to employees participating in the plan.

Solo 401(k)

A Solo 401(k) may be an excellent fit as an owner-only business with no (or few) employees. The solo 401(k) allows the listed owner(s) and their spouse (if he/she earns income from the business) to make a maximum annual contribution up to $69,000 in 2024 with an additional $7,500 catch-up if 50 years or older. Solo 401ks allow for traditional (reduction of income) or Roth (after tax) contributions.
The bottom line is a reduction of taxes by lowering income through qualified contributions to your Solo 401k. As a business owner, you do not want to grind for 20 years and have nothing to show for it. You pay enough in taxes every year. Time to put more money in your pocket instead of Uncle Sam.


A Simplified Employee Pension IRA (SEP IRA) is a traditional IRA for self-employed people and small business owners. Because of the rule requiring equal contributions as a percentage of compensation to employees, a SEP IRA is generally best for those with few or no employees. (Solo 401(k) and SIMPLE IRA plans allow employee contributions, SEP plans do not.) The maximum annual contribution is up to $69,000 in 2024.


SIMPLE IRA stands for Savings Incentive Match Plan for Employees Individual Retirement Account. A SIMPLE IRA functions fairly similarly to a traditional IRA, but it has a higher contribution limit. A SIMPLE IRA allows both the employee and the small business owner or sole proprietor to make contributions. The maximum contribution limit is $16,000 for 2024, and the catch-up limit is $3,500 for those 50+.

Profit Sharing Plans

A flexible employer contribution plan that can allow employees to participate in the success of the company. If the company does not make a profit, it does not have to make a contribution to the plan, however the company does not need to be profitable to have a profit-sharing plan! Great way to share the wealth and lower taxable income to the business. Profit sharing plans allow business owners to save as much as $69,000 per year in 2024 before taxes—or $76,500 per year with additional catch-up over the age of 50.

Business Entity Selection

The business entity—LLP, LLC, sole proprietorship, partnership, corporation, etc.— that you select for your business has enormous financial and tax implications. It is important that you make the right decision. We can explain each choice and its implications. As your business grows and changes, the type of business entity you choose may need to change also.

Life Insurance

We can help you with a simple and inexpensive way to create a competitive benefits package for your employees and their families. We can qualify most small businesses at group rates with top insurance carriers.

Key Man Policy

Addresses the day-to-day operations of a business and the potential loss of a key employee, whose absence would be financially devastating. For example, the death or disability of your top sales executive would damage your company and force you to hire, train, and groom a new employee. This will cost you both time and money…and one new employee may not be enough. A key man policy would compensate the business in the event of the loss of the employee—and these policies can also be an incentive for key people to stay depending on how they are structured.

Portfolio Management / Investing

Fee-based, no commission portfolio and investment management services.

Retirement Plans for Business

Setup and management of 401(k) and similar retirement plans based on your firm’s structure.

Small Business Advisement

Tax planning, advisory services and more for your business.

Retirement Planning

Helping create lifetime retirement income that will last from accumulated assets.

Wealth Transfer

Insurance policies offset financial risk and offer multiple benefits and options.

Estate Planning

Our licensed attorney will formally draft your written plan for wealth transfer.

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ph: (219) 510-5069
text: (219) 242-4073
fax: (844) 410-9363


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MWM Murphy Wealth Management

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