| Retirement Planning
Retirement plans are the predominant
and best method for people to accumulate savings for
retirement. There are numerous types of retirement plans,
but all the plans offer some combination of tax advantages
and other incentives.
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Traditional IRA
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Roth IRA
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Individual 401(k)
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Individual DB
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Simple IRA
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SEP
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Individual 401(k)
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Individual DB
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- 401(k)
- Profit Sharing
- Defined Benefit
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- SERP
- Mirror 401(k)
- Executive Bonus
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Types of Retirement Plans
Tax-Qualified
Plans |
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| Other
Tax-Advantaged Plans |
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What does it mean to be "Qualified"
- Employer contributions are not subject to
federal income tax or payroll tax
- Employee contributions not subject to federal
income tax
- Tax-deferred growth on investments
- Nondiscrimination in benefits and contributions
- Funding requirements
- Limitations on benefits and contributions
- Payout restrictions
- Top-heavy rules
- Protected by ERISA
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Benefits of Qualified &
Tax Advantage Plans:
- Employer contributions are an immediate income
tax deduction
- Employee contributions are an income tax deduction
- Money grows tx deferred
- Participant will likely be in a lower tax
bracket in retirement years when distribution
occur
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Classification
of Qualified Retirement Plans
Contact a UVEST
Investment Consultant to go over your options for
retirement.
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