This is a type of Profit Sharing plan that allows employees to contribute from their pay before federal and state taxes. Often the employer matches a portion of the employee’s deferral.
A SIMPLE (Savings Incentive Match Plan for Employees) plan is easy to administer and are designed for sole proprietors and small businesses, with fewer than 100 employees, to offer a tax-advantaged company sponsored retirement plan.
A SEP, or Simplified Employee Pension, is a retirement plan frequently used by self-employed individuals or sole proprietorships, partnerships or S or C corporations.
A profit sharing plan is a plan that allows the flexibility of making tax-deferred contributions to employees in any given year or not. It is great for unpredictable or changeable cash flows since there is no promised benefit.
457 plans can offer added value for those employees wishing to maximize retirement contributions. It is the only plan currently available that can be established in addition to other plans for twice the contribution limit.
A financial plan can benefit you in multiple ways. It will put you in control of your financial future based on realistic goals, help you organize your financial information, and provide a strategy for future decision-making, investment, and wealth management based on your long-term objectives.
Knowing that your beneficiaries will not be overwhelmed or burdened by estate settlement issues is the advantage of a thorough and accurate estate planning strategy.
Planning for the transfer of your business interests upon your death, disability or retirement is critical for the successful transition of ownership and continuation of the business.
