401(k) vs. SEP IRA for Small Businesses
401(k) vs. SEP IRA for Small Businesses As a small business owner, selecting the right retirement plan for yourself and your employees is a critical
401(k) vs. SEP IRA for Small Businesses As a small business owner, selecting the right retirement plan for yourself and your employees is a critical
Retirement Plans for Small Business Owners As a small business owner, you probably wear a lot of hats. From managing employees to overseeing operations, it
Introducing Inflation and Contribution Volatility in 2024 One of the most pressing issues in retirement planning is managing the impact of inflation on contribution volatility
Automatic Enrollment & Escalation 401(k) Plans When it comes to securing a comfortable retirement, participation in employer-sponsored 401(k) plans is critical. However, many employees either
Explore the key differences between a Cash Balance Plan vs 401k to determine the best retirement savings strategy for your financial future. Understanding the Basics:
Introduction: 401k Match Pros and Cons A 401k plan is a retirement savings account sponsored by employers, allowing employees to save and invest a portion
Introduction to 401(k) Retirement Planning Retirement planning is a crucial aspect of financial security, and one of the most powerful tools available to individuals is
Introduction: Defined Benefit Plan vs 401K In the realm of retirement planning, choosing the right plan is crucial for securing a financially stable future. Two
Introduction: 403b Plan vs 401k Plan When it comes to retirement planning, selecting the right savings plan is crucial. Two of the most popular options
Introduction: Planning for retirement is a crucial aspect of financial management. With numerous options available, choosing the best retirement plan can be overwhelming. In this
Hi ,
The information you have provided is as follows:
Three year average income:
Participant’s age:
A participant with the above mentioned parameters can accumulate
(Lump Sum at Retirement Amount) till he reaches an assumed retirement age of (Retirement Age) . In the first year, a maximum contribution of (Maximum Contribution) can be made to the plan.
A plan can be incorporated at any time during the year, and within a certain time in the following year. The funding of the defined benefit plan can also happen any time before the company files its tax returns.
If you have employees, the IRS mandates you to make available a retirement plan for employees as well. Depending on the plan design, you will be required to contribute an amount of 3% to 7.5% of the employee wages in a profit sharing plan. We will consult with you to come up with the best plan design based on your circumstances and company demographics. Our Census Request Form will be emailed to you which has to be filled and sent back to info@pensiondeductions.com .
Please enter your email address below. A comprehensive report shall be emailed to you outlining the further steps you need to take in order to get started with a defined benefit plan.
Please note that these contribution amounts are approximate amounts and only for the first year of the plan. These amounts still need to be certified by an actuary and contributions should not be made based only on the amounts generated by the online calculator without consulting an actuary.
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