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Retirement Planning

Different Options for Retirement Plans
Planning is a continuous process and it is never a process that you could preempt – you are never too young or too old to start planning. Whether you are 25 or 45, it is a good idea to start thinking about saving for retirement. Of the various plans available, here is a listing of some of them: Defined Contribution Plan Defined contribution plans are retirement plans in which contributions are made by the employer, employee, or both. The final payout depends on how much is invested and the success of the investments. There are several types of defined contribution plans:

  • 401(k) Plans: allow workers to make voluntary, tax-deductible contributions to the plan up to certain limits; contributions may be matched by the employer. These plans are also called salary reduction plans.
  • Profit Sharing Plans: base contributions on business profits or a percentage of pay. “Discretionary profit sharing” plans generally allow employers to decide each year whether or not to contribute.
  • ESOP or Employee Stock Ownership Plans: are plans whose contributions consist mainly of the stock of the employer company. The value of ESOP benefits is determined by how well the stock of a company does.
  • Stock Bonuses: are like profit-sharing plans, but contributions are not necessarily tied to employer profits and benefits are payable in the form of employer stock.
  • Money Purchase Plans: enable the employer to make a fixed annual contribution to the plan, for example, a percentage of worker’s compensation. Pension Plans for Small Businesses Several types of pension plans are available for small businesses:
    • Keogh Plans: allow self-employed persons to set aside tax-deductible sums in pension accounts for themselves and their employees.
    • Payroll Deductions: are not pension plans, but an employer can provide a way for eligible IRA employees to contribute each pay period to an Individual Retirement Account (IRA). Individuals can contribute up to $2,000, and families can contribute $4,000. Anyone not covered by a company-sponsored pension plan can fully deduct the contribution. Individuals with a pension plan and an adjusted gross income of $30,000 or less (families with $50,000 or less) can fully deduct the contribution. Partial reductions are available for individuals with up to $40,000, and families up to $60,000.
    • SEPs or Simplified Employee Pensions: are defined contribution pension plans but do not have the same reporting and disclosure requirements as more complicated plans.
    • SIMPLE Savings Incentive Match Plans for Employees: often used by small employers with 100 or fewer employees. The employees contribute a percentage of their salary up to $6,000 a year, and the employer either matches that or contributes 2% of the employees’ wages.
    Defined Benefit Pension Plan Defined benefit pension plans promise a certain benefit at retirement. The benefit amount is usually calculated through a formula based on a combination of years of service and amount of pay. Money is paid into the plan for all participating employees. However, be aware that some employees will not qualify and therefore will not receive the benefits. The employer assumes the investment risk.

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