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Retirement Plans

Retirement Plans


Retirement Plans Overview

Finding the right retirement plan that is correct for your personal circumstances can be challenging, but if you set up the right plan, it can greatly benefit your future. The great news is that you can have more than one. A few years ago, a pension and Social Security benefits were enough to cover expenses during retirement. Today, it is not so simple. Instead, most people fund their own post-work years using various retirement plans that offer tax breaks and other benefits for their future.

The first step is for us to gain an understanding of your goals and objectives for the retirement plan. From there, we will strategize a plan that will allow you to accomplish your goals. We will handle the daily recordkeeping of the plan as well as the annual administration, which includes required tax filings and eligibility testing.

Retirement plans are a fantastic service our clients utilize, that provides various benefits to everyone involved. For the company involved, a quality retirement plan benefit provides the company with a competitive advantage over its peers, helping to attract and retain top clients. If structured properly, these plans allow high earning business owners to stash away substantial dollars pre-tax with the added benefit of tax-deferred growth. In addition to these perks, corporate tax deductions become available through the use of retirement plans. From an individual perspective, a retirement plan is a major benefit and likely to become their largest asset. Similar tax benefits such as pre-tax deferrals of income and tax-deferred growth are present for the participants of the retirement plan. Often times a matching contribution from the company on the employee’s behalf is built into the plan, essentially providing bonus income to their account.

The money saved through these plans is relied upon at retirement to fund your expenses to help maintain the lifestyle you have grown accustomed to living. As you can see, retirement plans provide endless benefits to those involved. Therefore, it is essential that your retirement plan is designed, implemented, and managed properly so you are prepared when your career comes to an end.