Insurance is a common hot button for people. We know we should have it, we’re just not sure why? The life insurance conversation, while being a tough one, is a conversation that we conceptually understand. If I am not here anymore, my family needs “insert need/amount here”. The car insurance conversation is a simple one,… Read More
Does the Financial Advisor on your company’s 401k retirement plan provide these 5 important services?
Providing a Retirement Plan for the employees of your business can be confusing. The responsibilities of running a business is complex enough without adding additional concerns and duties. The role of a Financial Advisor for your plan is integral in the proper running of the retirement plan. The team helping with the administration of your… Read More
3 Retirement Plans Every Small Business Owner Needs To Know About
As a small business owner, there is a long list of financial decisions that you need to make on a daily basis. One of the most important decisions is figuring out how you will plan your retirement and the offerings of retirement accounts to your employees. Small business owners carry the added duty of handling… Read More
Retirement Plan Contribution Limits Rise for 2018
Slight increases have been made due to mild inflation. You will able to put a little more into your workplace retirement account in 2018. The federal government has boosted the annual contribution limit on some of the popular qualified retirement plans thanks to inflation and made other adjustments worth noting. Contribution limits for 401(k)s are… Read More
How many 401k’s can I have?
There is no legal limit as to how many 401k plans an individual can have at any given moment. Only a plan sponsored by your current employer can receive contributions. Many people have old plans from previous employers. Too many plans can be difficult to track. Consolidation of plans, either in an employee’s current 401k… Read More
How much money should I contribute to my 401k?
This question is posed frequently to financial advisors. The answer is not the same for everyone. Based on resources, expenses, years until retirement, an individual’s need differs. However, most of my contemporaries would agree it is good to contribute as much as you can. A very minimum savings level for employees who receive an elective… Read More
What does “safe harbor plan” mean?
A safe harbor 401k plan is a retirement plan that has specific methods outlined to guarantee the plan is meeting non-discrimination requirements. A safe harbor plan protects all employees from favorable treatment to any employees in the distribution of retirement contributions. The plans require one of two options for the employer to contribute to the… Read More
What’s the difference between ROTH and Traditional 401k contributions, my plan offers both?
Like Individual Retirement Accounts(IRA), some 401k plans offer options in the taxation of YOUR 401k contributions. ROTH – these contributions allow the employee to report their contribution as taxable income for the current tax year. Because they pay the taxes on the contributions in the current tax year, the future growth may be tax-free and… Read More
My employer offers a 401k retirement plan, why should I participate?
Many people ask me about the value of participating in their 401k plan. Here are some of the basic reasons it is important: Our personal responsibility to our retirement income is growing every day. Gone are the days of everyone’s employer providing an income stream upon retirement. Our personal retirement savings has become an important… Read More
What is a non-elective retirement plan contribution?
A non-elective retirement plan contribution is a contribution placed in an employee’s account by the employer. This contribution may be placed as a non-elective safe harbor contribution where the employee receives 3% of their gross income in contribution to their 401k account whether or not they choose to contribute to the plan themselves. This is… Read More