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Whether you operate
as a Sole Proprietor with no employees or run large corporation
employing thousands of individuals, the need for a strong
Retirement Plan that will take care of you when you retire is
vital. You have worked hard to grow your business, and making
sure that your success rewards you in retirement is a must.
Retirement Plans are also a valuable asset in maintaining your
employees and keeping them happy. At Generations Insurance, through
the team of talented financial professionals that we work with,
we can assist you with all of your Retirement Plan needs.
Below are just
a few of the many types of plans that we can provide:
401(k) Plan
A qualified plan
established by employers to which eligible employees may make
salary deferral (salary reduction) contributions on a post-tax
and/or pretax basis. Employers offering a 401(k) plan may make
matching or non-elective contributions to the plan on behalf of
eligible employees and may also add a profit-sharing feature to
the plan. Earnings accrue on a tax-deferred basis.
Traditional IRA
An individual
retirement account (IRA) that allows individuals to direct
pretax income, up to specific annual limits, toward investments
that can grow tax-deferred (no capital gains or dividend income
is taxed). Individual taxpayers are allowed to contribute 100%
of compensation up to a specified maximum dollar amount to their
Traditional IRA. Contributions to the Traditional IRA may be
tax-deductible depending on the taxpayer's income, tax-filing
status and other factors.
Other variants of
the IRA include the Roth IRA, SIMPLE IRA and SEP IRA.
Pension Plan
A type of retirement
plan, usually tax exempt, wherein an employer makes
contributions toward a pool of funds set aside for an employee?s
future benefit. The pool of funds is then invested on the
employee's behalf, allowing the employee to receive benefits
upon retirement.
403(b) Plan
A retirement plan
for certain employees of public schools, tax-exempt
organizations. and certain ministers. Generally, retirement
income accounts can invest in either annuities or mutual funds.
Also known as a "tax-sheltered annuity (TSA) plan".
To learn more
about what Retirement Plan may be the best option for your
business give
us a call at (781) 350-4410.
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