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 can feel like there’s no time left for anything else. But one thing you shouldn’t put off is planning for your future. Unlike employees at
Top Retirement Planning Strategies for Small Business Owners Planning for retirement can feel like a daunting task, especially when you’re running a small business. As a small business owner, your focus is often split between growing your business and ensuring its financial stability. But what about your financial future? When
Cash Balance Plans for Small & Mid-Sized Businesses As the landscape of retirement planning continues to evolve, small to mid-sized businesses are increasingly turning to Cash Balance Plans to attract top talent, retain key employees, and maximize tax advantages. These plans offer a unique combination of traditional pension features with
Introduction In today’s competitive business landscape, offering a robust pension plan is essential for small businesses aiming to attract and retain top talent. A well-structured pension plan not only provides financial security for employees but also demonstrates a company’s commitment to their long-term welfare. This guide will delve into the
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.
Request a call back from a Pension Consultant
Please enter your email address below. If you do not receive our email in a few minutes, please check your spam folder.