Companies attempting to determine what type of retirement plan options to offer employees will need help. Employees selecting a retirement plan will need help. The most comprehensive help and guidance will be found at an agency that specializes in retirement plans. There are many options, so it is easy to get confused quickly.
Qualified Plans
Plans for retirement have to qualify as such for companies and employees to receive tax benefits. The Internal Revenue Service (IRS) has twenty-one different requirements that must be satisfied for a plan to be considered a retirement plan. There are minimum participation requirements, distribution requirements, and documentation requirements, along with eighteen other requirements on the list. Confused yet?
An experienced agency can provide innovative and cost-effective qualified plan options that work for everyone involved. Complete explanations of the advantages and risks of each help people choose a plan based on their retirement goals, incomes, and comfort levels with risk. Examples of qualified plans include profit sharing, a variety of defined benefit plans, and all types of 401K in Colusa.
A Closer Look at 401K
A 401K in Colusa plan is not merely one plan. There are a few 401K plan types. Safe Harbor 401K is an option, as is a 401K/DB combination plan. That includes some aspects of a 401K plan and some aspects of a defined benefits plan.
The options are designed with different levels of risk involved. Someone who is not comfortable with high-risk levels, for example, will do well with a combination 401K/DB plan because everything is not dependent on one resource. Younger employees may feel they have plenty of time to weather any investment setbacks and will opt for the original 401K plan.
Other Wealth Management Services
The agency specializes in retirement and 401K plans for companies and individuals; however, other services are offered as well. Wealth management, investment planning, and estate planning are also available. Browse our website for details on all services offered, and make an appointment for a consultation and review of current finances and plans for the future. Plans may be completely aligned with financial goals or may require some changes to allow the kind of retirement lifestyle desired.
