A Comprehensive Exploration of the 4 Types of Pension Plans
Intoduction In the vast expanse of financial planning, few endeavors are as crucial as preparing for retirement. Central to this endeavor are pension plans, each
Intoduction In the vast expanse of financial planning, few endeavors are as crucial as preparing for retirement. Central to this endeavor are pension plans, each
Intoduction For small businesses with less than 10 employees, offering a 401(k) for your small business can be a game-changer. Not only does it provide
Intoduction In today’s competitive business landscape, companies are continually seeking innovative methods to attract, motivate, and retain top talent. Among the arsenal of incentives available,
Retirement planning is a crucial aspect of financial management that often gets overlooked until later in life. However, taking proactive steps towards planning for retirement
Intoduction In today’s competitive business landscape, retaining top talent is paramount for sustained growth and success. As organizations strive to create a conducive work environment
Introduction: Navigating the Pension Landscape for the Self-Employed In today’s dynamic economic landscape, where self-employment is increasingly prevalent, securing a stable financial future is paramount.
Intoduction In the realm of retirement planning, Roth IRA investments stand out as a beacon of financial security and growth potential. As individuals seek to
Exploring the Dynamics of Self-Directed IRAs In the realm of retirement planning and investment diversification, self-directed Individual Retirement Accounts (IRAs) have emerged as a potent
Understanding the Power of a 457 Deferred Compensation Plan At Pension Deductions, we understand the importance of securing your financial future. That’s why we offer
Intoduction A certain amount of ground work is required to set up a defined benefit plan for self-employed individuals. If you have employees you will
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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