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.