Corporate & Individual 401(K) Plans
Background
Laws Financial has decades of experience helping companies small and large establish a variety of 401(K) plans to benefit both employees and the firms themselves. Also, we can provide guidance on which 401(k) funds are best for you individually. Additionally, depending on your company’s 401(k) plan provider, we may be able to actively manage your current 401(k) plan.
Corporate 401(k) Plans
401(k) plans are retirement plans offered by a company to its employees. The employee may choose between taking compensation in cash or deferring some percentage of their earnings to the 401(k) account. Generally, the deferred funds are not taxable until they are distributed. Laws Financial, Inc. can guide you to the 401(k) plan that fits the size and goals of your company.
A good 401(k) plan is an essential part of an attractive benefits package for prospective employees. It can help your business find and retain the talent you need to succeed. This is especially true for small businesses competing with larger firms for candidates. 401(k)s also provide significant tax advantages to help your bottom line, as employer contributions are tax-deductible.
If your company has one or more employees, setting up a 401(k) option for your workforce may be a mutually beneficial solution. We’ll look at the specific needs and goals of your company to help you determine whether a 401(k) plan is the right option for your company and guide you through the process of setting up investment options within that plan for your employees.
401(k)s can be a powerful savings tool for individuals, allowing employees to compound their retirement saving through employer matches and reap the benefits of tax deferment until retirement. Workers should always utilize their tax-advantaged savings options first when saving for retirement. Far too many people miss out on financial benefits available to them through their qualified accounts.
Simplified Employee Pension (SEP) IRA
A SEP IRA can be utilized by self-employed individuals or small business owners as a means of providing retirement benefits for themselves and their employees. Funds in a SEP IRA can be invested in a wide array of financial products. If a SEP is being used to provide retirement benefits for employees, all those employees must receive the same benefits.
For tax purposes, SEP IRAs function like most qualified retirement plans. Withdrawals after the age of 59 ½ are taxed at ordinary income tax rates, and SEP contributions for an individual or a small business owner are tax deductible, lowering tax liability by the full amount of the contributions for the year.
Individual 401(k) Management
If you are like many investors, your employer-sponsored retirement plan or Rollover IRA may be among your largest assets. Are you giving it the time and attention it deserves in order to protect and help it grow over time?
When you established your retirement plan (401(k), 401(b), 401(a) 457, etc.), you were likely asked to determine your allocations from among a fixed menu of options in areas such as bonds, equities and balanced funds. You may have decided on your own or with a family member, friend, co-worker or even with the help of a knowledgeable advisor. But regardless of how you decided, one thing for certain is that you decided at a point in time.
The thing is: markets change, information changes…even the investment options available to you may change. How are you factoring that into your retirement plan investment?
If you are like many investors, you may conclude that you have not been giving this significant investment the attention it deserves. But you should know that there are options available to you to change this.
Did you know that you can add professional money management to your employer-sponsored retirement plan or rollover IRA?
Working with Laws Financial, you may be able to add professional money management services to your plan. This provides continual monitoring and allocation for your portfolio through changing market conditions. Further, our services evaluate the universe of investment options available through your plan to match your current allocations to current market conditions.
With money management services, you can take your retirement plan assets from a static or neglected investment to a dynamic asset being managed at the core of your investment portfolio.