Problems and Solutions

Retirement plan problems… and solutions…
“Retirement plans are too complex and expensive.” Not with a simplified Employee Plan (SEP) or Savings Incentive Match Plan for Employees (SIMPLE) – contributions go directly to participants’ IRAs. Minimal record keeping.
“My profits fluctuate; I can’t afford to make regular contributions to a plan… but I’d like to make contributions in profitable years.” Try a SEP or Profit Sharing Plan – contributions are optional; up to 25% of covered payroll.
“I’d like the bulk of any contributions to go to the older employees who have contributed the most to the business – including myself.” New Comparability Profit Sharing and Defined Benefit Plans have higher effective contribution rates for older participants.
“My business can’t afford to make contributions to a plan, but I’d like to encourage my employees to save for retirement.” A 401 (k) Plan allows for tax deductible employee contributions.
“We need to plan for the transfer of the business from parent to child.” A qualified retirement plan can provide a tax deductible funding vehicle for parent’s retirement income.
“My business is too small to sponsor a retirement plan.” We specialize in making small plans worthwhile. Some of our plans have only one participant.