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The purpose of the Individual 401(k) Contribution Comparison calculator is to help you compare your maximum 401(k) contribution to three other options. To use this tool you will need to enter whether you work for a sole proprietorship or a corporation, what your net income is, and your current age. This calculator will use this basic information to show you how you can invest your money in different retirement savings accounts.
There are a lot of investment products that you can use to save for your retirement. One product that you can use is a 401(k). This investment product is an employer sponsored retirement savings plan that allows employees to make tax-deferred deposits into their retirement account.
In addition to 401(k) plans employers can also offer their employees SEP IRA plans, SIMPLE IRA plans and profit sharing plans. Each of these retirement plans offer their own set of rules, requirements and benefits. Before you select one of these retirement plans to offer to your employees or to participate in, you should compare their pros and cons. Or at least compare what they have to offer.