Retirement Planning

Retirement might be the last thing on your mind when you are young, embarking on professional life. But the best advice is to start planning as soon as you can.

Why Retirement Savings Accounts are Important

The best way to help plan for a comfortable retirement is to select a retirement savings account(s) that matches your retirement objectives – and to contribute to it as much of your earnings as possible from the start. Without establishing the proper accounts you’ll likely find it extremely difficult to meet your retirement savings goals later on.

What We Can Do For You

As you start planning your savings for retirement, you’ll likely have many questions, such as:

  • When should I start saving?
  • How much should I save?
  • How much will I need for a “comfortable” retirement?
  • What’s the best vehicle for me for saving for my retirement?
  • Which “pot” of retirement savings should I tap into first?

We will help you navigate the plethora of saving options available to you, some of which include:

  • Individual Retirement Account (IRA): This is the most commonly used savings account available to Americans saving for retirement. If a company-sponsored retirement plan isn’t available, IRAs provide the opportunity for tax-deferred savings. While you’re working, tax-deductible “contributions” (up to an eligible amount) can be deposited into the account. You pay taxes only when you withdraw funds in retirement.

  • Roth IRA Account: Roth IRAs differ somewhat from traditional IRAs– which allow for tax-deferred growth of retirement savings– in that the money deposited into these accounts comes from “after-tax” dollars. Subsequently, when you make withdrawals from a Roth account, if you meet certain requirements, you are not taxed. Additionally, your savings within the account also grow tax-free.

  • Simplified Employee Pension (SEP) IRA: Some employees may have access to employer-sponsored SEP-IRA accounts. These are similar to traditional IRAs but are employer-sponsored with potentially higher contribution limits. 

  • Savings Incentive Match Plan for Employees (SIMPLE) IRA: This is yet another retirement saving plan available to working Americans saving for their retirement. SIMPLE-IRA plans mandate an employer-matched contribution and are ideal for smaller businesses (less than 100 employees).

  • Traditional 401(k) or Roth 401(k) Plans: Like individual and Roth IRAs, employers can offer staff traditional 401(k) plans and Roth 401(k) plans to their employees. We have the knowledge and experience to help your business select the most appropriate type of ERISA plan 

  • Value-added Services: We’ll not only help you choose the most appropriate retirement savings accounts for you but also help ensure they are the most cost-effective and tax-advantaged for your particular situation.  If you switch jobs, we’ll also advise you on whether it makes sense to roll over, stay, move, or cash out from an employer-sponsored retirement savings plan.

For Employers:

We will help you navigate the complicated world of ERISA plans and help you select the most appropriate plan based on the following:

  • Are tax benefits to owners a primary concern?
  • How important is it to maximize benefits to the owners?
  • How important is it to attract/retain new employees?
  • What are the employee demographics?
  • Is there a group of employees unlikely to participate?
  • Is company cash flow consistent and stable?
  • Should employee contributions be flexible or fixed?
  • Is the company growing?
  • What type of business entity is the plan sponsor?