Why Do I Need a Retirement Plan?

How can you save for retirement with pre-tax money, provide a tangible employee benefit, and let your company deduct all the costs?That's what a qualified retirement or pension plan can do for your company. Retirement plans can be designed to benefit business owners and key employees. There are other benefits as well:

  • Attract and retain the employees you need to grow your firm.
  • Earnings accumulate tax-free until withdrawn at retirement (death or 100% disability).
  • Plan design can maximize benefits for the owners.
  • Life insurance can be included using pre-tax dollars.
  • All plan expenses, including contributions or "matches" are 100% tax deductible for your company.

The type of plan your company installs depends on many factors, such as the age of the owners, the company's record of profits and the goals of the owners.  Popular types of plans include:

  • Profit sharing
  • 401(k)
  • Cash balance
  • Money purchase
  • Cross-tested
  • Age-weighted and others.

 

                                                                                                

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Cathy Green, CPC, ERPA   Cathyg@CMCPenPro.com

Mike Bain, ASA, EA, MSPA     Mikeb@CMCPenPro.com

 

 

 

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