Category: Retirement Planning

Just as having an outside expert prepare your company’s tax return doesn’t get you off the hook if you have problems with your financial systems, using professional retirement plan administrators and investment advisors doesn’t absolve you of responsibility for complying with IRS regulations. Where problems typically crop up, according to Monika Templeman, IRS Director of […]

Fewer than one-quarter of currently retired people feel “very confident” they’ll maintain a comfortable lifestyle throughout their golden years. That’s just one of the financial red flags waving in “Retiree Life in the Post-Pandemic Economy,” a report released by the nonprofit Transamerica Center for Retirement Studies in November 2024. The report is based on a […]

People whose finances are too tight for proper retirement savings may find some added relief during tax season. One of the tax credits many people overlook is the Savings Contribution Credit, which the Internal Revenue Service makes available to low or moderate-income individuals and families. With a qualified retirement plan or IRA, the credit reduces […]

Relying solely on third-party administrators for benefit plan compliance can expose your company to significant risks, as these providers may not fully understand your unique obligations or stay updated with evolving regulations. Taking an active role in overseeing compliance ensures your organization meets all legal requirements, protects employee benefits, and avoids costly penalties. It takes […]

Small business owners can save tax money and help secure the future for themselves and their employees, by setting up a tax-favored retirement plan. The taxpayer benefits because workers and entrepreneurs who participate in workplace pension plans are less likely to rely on public assistance in their retirement years. Workers obviously benefit from long-term compounding […]

Question: Our organization sponsors both health and retirement plans that must comply with the Employee Retirement Income Security Act (ERISA). We recently received a request from the U.S. Department of Labor (DOL) for plan-related documents. Is this an audit? And if so, what should we expect? Answer: A request for plan documents usually signals the beginning of […]

Have you given any thought to your retirement? Even if you don’t expect to retire anytime soon, the earlier you start planning how you’ll transition from work to retirement, the more likely you’ll be to meet your personal and financial goals. Here are several questions to answer before you call it quits. What Do You […]

When people are young, saving for retirement is often the last thing on their minds. But starting early and saving every month can translate into a huge difference in your net worth at retirement — all through the power of compounding. It’s a simple concept: Compounding allows you to earn profit on your profit, or […]

If you want a retirement plan for your small company or self-employed business — but you don’t want to be buried in paperwork — consider a simplified employee pension plan or SEP. Among the appealing advantages: 1. SEPs are set up by simply filling out a brief form. 2. Form 5500’s aren’t required to be […]

When your company sponsors a qualified retirement plan, you must comply with complex rules established by the IRS and the Department of Labor. Ignore the rules and your firm could face costly penalties from federal regulators — and plan participants might sue you for mishandling trust assets. This is no time to be a do-it-yourselfer. […]