“As a business owner, how can I save more for retirement while mitigating taxes?”
Business owners grapple with this question often. We know that business owners focus on reinvesting profits back into the growth of their business. And, while this is a great practice, it can mean that individual retirement savings are set on the back burner. It can also mean that business owners trying to catch-up later in their working years are limited by the annual contribution limits of a typical defined contribution plan. Contributions to plans, such as a 401(k), may not be enough to meaningfully move the needle on their retirement savings.
Traditional retirement plans have long been the cornerstone of retirement savings. However, what you may not know is that there is an increasingly popular savings plan that allows for even greater saving potential and affords tax advantages. What if you had access to a retirement plan that allows for higher tax-deferred savings – well over the $66,000 annual limit? And, what if this ability to accumulate retirement savings also provided potentially significant tax savings?
The good news is that these types of retirement plans exist and the team at Stephens Wealth Management Group is here to assist in meeting the distinct needs and goals of our business owners.
Key benefits of the Enhanced Retirement Benefit Plan:
Enhanced Retirement Benefits:
Allows business owners and eligible employees to save significantly more toward retirement. This can result in accelerated wealth accumulation and a more confident financial future for key personnel.
Contributions made are tax-deductible, providing an immediate reduction in taxable income for the company. Additionally, earnings on plan investments grow tax-free until they are distributed, offering potential tax deferral benefits.
Attracting and Retaining Top Talent:
Offering the right type of retirement plan can be a powerful incentive when it comes to attracting and retaining high-performing employees. The enhanced retirement benefits provide a valuable asset to your compensation package and can differentiate your company from competitors.
Flexibility and Customization:
Your specific business objectives and the needs of your unique workforce demographics can be aligned to your Enhanced Retirement Benefit plan through its design. Whether you have a small team or a large organization, we will work closely with you to establish a plan that suits your needs.
Compliance and Regulatory Support:
We understand that navigating the complexities of retirement plan regulations can be daunting. Our team of experienced professionals can assist in guiding you through this process.
Interested in learning more? Contact us for a comprehensive analysis of your current retirement plan options.
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