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[Music] welcome back to solutions for financial independence joining me now is John Halterman at Beacon wealth management John hows it going today hey Im doing wonderful are you saying Im doing well we have a question today from Mike of Buchan and he asks I own a dental practice and our company has a simple IRA and our employees do not seem happy with it I was told I should consider a 401k slash profit sharing plan can you explain why sure sure you know simple IRAs are great for companies who are just getting started in a retirement plan market typically its companies under 100 that just want the simplest thing but the reality of it is that S companies grow a 401k profit-sharing gives you more options and opportunities lets start with the first one which is contribution the simple ira only allows 12,500 to be put in whereas the IRA Im sorry the 401k allows $18,000 a year plus a catch-up of 6,000 the second thing you want to think about is where the money is going you know in a si
