In order to Choose Wisely you must first understand your available options, assess your future income needs, evaluate the current and future tax implications and expect the unexpected. Here at Tricor, our primary role is to educate each client so that once they understand their options they can confidently take the first step on their journey to success.
Every Qualified Retirement Plan is approved by the IRS and is designed to fit a specific need. Just because you have a plan doesn’t necessarily mean that your needs will be met.
A problem with standard plans is that they simply do not allow the individual to save enough pretax. Standard SEP IRAs allow the largest annual contribution but max out at $55,000 this year. Defined Contribution/Benefit plans may allow an individual to increase their annual contribution and subsequent retirement income significantly.
The retirement plan chosen plays an integral part in each phase of your estate plan.