An owner-only 401(k) plan is a way to combine the tax advantages of an employer-sponsored retirement plan with pre-tax personal retirement savings. Reaching a Financially Sound Retirement The Social Security Administration estimates that less than 20% of retirees have an income of more than $75,000. This means that 4 out of 5 people who are … Continue reading Owner-Only 401(k) Plans vs. Other Retirement Savings Options
A Selective Executive Retirement Plan (SERP) is the solution to a problem faced by many smaller corporations: difficulty in hiring and keeping key executives and an inadequate qualified retirement plan benefits payable to key executives and owners. Most businesses that are successful have at least one key employee who is responsible for the growth and … Continue reading Are SERP Benefits a Solution for Small Business?
Across the country, employers are looking for ways to provide life insurance for their valuable employees. From the largest corporation to the smallest local business, employee insurance policies represent a benefit or “perk” of employment at a given business. That solution may be a group carve-out plan, says Geoff Thompson of Synergistic Life Services. The … Continue reading What is a Group Carve-Out Plan?