A Group Retirement Plan Can Benefit Your Employees and Your Business
Implementation and improvement planning. There are a number of benefits that a retirement plan can provide to you as a business owner, some of these advantages include…
Tax advantage. There is a nice tax advantage to the business. There is a competitive advantage that an employer offering a retirement plan has versus other employers who do not, especially when it comes to recruiting and the retention of employees. Employees are concerned about benefits. If a potential employee has the choice to work for you or your competitor and the only difference between you and the competitor is that you offer a retirement plan, you have a better chance of hiring that individual.
Retirement plans can also boost morale. People worry about retirement. By offering a retirement plan you are helping to relieve some of that worry.
- Help attract and retain valuable employees
- Reduce your company's tax burden
- Allow you to invest money in your own retirement
Neither RANDA Strategies LLC nor New York Life Insurance Company , or its agents, provide tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professionals before making any decisions. .
Provide for your employees: As a business owner, you take care of your employees through salary, medical care options and paid vacation time. So, why not offer a retirement plan that will help them now and in their retirement years?
You also may find that a retirement plan is an excellent tool for attracting and keeping valuable employees, as well as helping them attain a more financially sound future
Establishing an employee retirement plan may offer tax benefits because:
Employer contributions to retirement plans (and often plan expenses) are generally tax-deductible.
Your business may be eligible for a tax credit for establishing a qualified retirement plan.
*Neither RANDA Strategies LLC nor New York Life Insurance Company , or its agents, provide tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professionals before making any decisions.
You can invest money for your own retirement in the plan you set up for your employees.
A retirement plan may have these benefits for you and your employees:
Potential growth of your investment earnings that’s tax deferred until
you take a withdrawal or distribution
potential reduction of your income tax bill – now or in the future (when retirement funds are withdrawn) Company matching of a portion of your contribution And, as a business owner (even if you're self-employed), it may be possible to invest more through a business retirement plan than through an IRA.
Choose a plan that suits your business
There are many types of retirement plans – 401k, 403b, IRAs, profit-sharing and defined-benefit (or pension) plans. Each has its own benefits, features, levels of complexity, administrative costs, risk and legal requirements. Some are designed for large companies; others, for smaller enterprises. There may be tax implications, as well.
We can help you tailor a plan to the needs of your business. Before establishing a retirement plan, you should consult with your own legal and tax advisors.
We will consult with you on your employer sponsored retirement plan. We work hard to provide plan sponsors with what they need to know and when they need to know it. We have the resources to step in and do the demanding work for plan sponsors with the experience, technology, strategies and education needed to help implement or improve your plan.
Retirement plans Offered through NYLIFE Securities LLC:
"We take our advantage as an independent firm seriously, providing our clients peace of mind knowing that any recommendation we make is always in your best interest for your company and your employees"- Jonathan
Defines the amount of money the participant will receive in retirement. They are company pensions that may provide income for life throughout retirement
Defines how much is being contributed to the plan during the working years. The amount of money available to you in retirement is based on the amount you contribute, how it is invested and how long it is invested
- SEP IRA
- SIMPLE IRA
- PROFIT SHARING
- MONEY PURCHASE