Monday, April 16, 2012
IS YOUR RETIREMENT PLAN RIGHT FOR YOUR SMALL BUSINESS?
10:19 AM | 
Posted by
pensionfinancialservices |
And why even have a small-business retirement plan at all? Fidelity Viewpoints notes that “understanding your options may help you save more for retirement and lessen taxes,” The next series of posts will excerpt from the piece three of the “four types of retirement plans that small business owners might consider,” beginning with an at-a-glance breakdown of . . .
Simplified Employee Pension Plan (SEP-IRA)
Who’s It For: Self-employed individuals or small business owner, including those with employees; available to sole proprietors, partnerships, corporations, S corporations.
Key advantages: Easy to set up and maintain; no initial setup or maintenance fee.
Who contributes: Employer only (employee may make traditional IRA contributions to the account).
Contribution limits: Employer contributes up to 25% of employee compensation or up to a maximum of $50,000 for 2012; employer must contribute the same percentage to employee accounts in years he/she contributes to his/her own account.
Vesting: Immediate.
Cost: no initial setup or annual maintenance fee.
Access to assets: Withdrawals at any time which are subject to current federal income taxes and a possible 10% penalty if the participant is under 59 and ½.
In the next post: The Savings Incentive Match Plan for Employees (SIMPLE IRA).
If you are wondering which plan is right for you – or which to discuss options you did not know you had, call us. All of these plans are available through:
Pension Parameters Financial Services, Inc.
28 West 44th Street
New York, NY 10036
Phone: (212) 675-9360 Fax: (212) 675-9363
New York, NY 10036
Phone: (212) 675-9360 Fax: (212) 675-9363
675 Line Road
Aberdeen, NJ 07747
Phone: (732) 583 -1313 Fax: (732) 583-6991
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