Employer Retirement Plans Overview
Protect Your Employees and Your Business
How can you attract and keep quality employees?
A top quality retirement plan is key to giving your business a competitive edge. Qualified plans provide valuable retirement benefits along with significant tax advantages.
Your business contributes less because employees actively participate in the plan by deferring current salary on pre-tax basis.
This plan motivates employees to make your business successful. Annual contributions depend on your firms profits.
Individual Retirement Accounts (IRAs) designed for retirement savings, allow you to defer paying taxes on your earnings. The keys to achieving retirement goals include Tax-Deferred Earnings, Compounded Interest and Time. An individual can contribute $2,000 a year, which can be tax deductible depending on your adjusted gross income or whether you or your spouse is covered by an employer provided pension plan.
IRA’s provide choices and versatility. You can fund an IRA with several different types of investments including fixed and variable annuities and mutual funds. The Taxpayer Relief ACT of 1997 contained numerous provisions designed to help individuals boost their savings. The ACT created an Educational IRA and a nondeductible Roth IRA. The traditional IRA was enhanced and the Capital Gains Tax lowered. For more information on the Law, consult your accountant.
Funeral costs, probate costs, administrative costs, State Death Taxes and Federal Estate Taxes all take their toll on an estate. Federal taxes alone can eat up as much as 55% of the estates value. The larger your estate, the larger those potential costs. With Estate Planning, we can help you meet your estate costs without depleting your property or assets. For more information on how we can be of service to you and your family, please call us and ask for an Estate Planning specialist or send us an online inquiry.
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