What is a Keogh Plan?

With all the talk of 401ks and IRAs, many small business owners are left in the dark when it comes to setting up a retirement savings fund for themselves andor their employees. A Keogh plan, sometimes known as a HR10 plan, was designed with the small business owner in mind. First enacted in 1963, this tax deferred retirement savings fund is available for the owner or owners of an unincorporated business and its employees.

Since the contributions are deducted from the gross income, one benefit of the plan is a reduction in pre-tax income. Other benefits of the Keogh plan include contributions that are tax deferred until withdrawn, deferred interest income, certain lump sum benefits which are eligible for 10-year averaging, and contribution limits higher than those of IRAs. As with all retirement savings plans, the Keogh plan has early withdrawal penalties if the participant is more than 5% owner, and payments must begin by April 1 of the year the participant turns 70.

Withdrawals from ... more.

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