Jim Laszlo, RRC®
Financial Planner, Mortgage Agent Level 1
Financial Planner, Mortgage Agent Level 1
Article Licenses: unknown
Advisor Licenses:
Compliant content provided by Adviceon® Media for educational purposes only.
The following largely coincides with the guidance of the IRA’s information. The Information can change over time and your advisor and/or tax professional should be consulted.
Retirement can last a long time
Why should you set up a retirement plan, and what are some of the benefits?
A retirement plan has lots of benefits for you, your business and your employees. Retirement plans allow you to invest now for financial security when you and your employees retire. As a bonus, you and your employees get significant tax advantages and other incentives.
Business Benefits
Employee Benefits
Examine the Future Retirement Income from potential savings in the following graph.
Source: Calculations by Adviceon
How do you set up a plan?
A good place to start is by contacting a tax professional familiar with retirement plans or an advisor and/or a financial institution that offers retirement plans.
Establishing your Employee Plan
You take the necessary steps to put your plan in place. Depending on the type of plan you choose, the administrative steps may include:
Operating your Employee Plan
You want to operate your retirement plan so that the assets in the plan continue to grow and the tax-benefits of the plan are preserved. The ongoing steps you need to take to operate your plan may vary depending on the type of plan you establish. Your basic steps will include:
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