Posts Tagged With ‘ 401k ’

Navigating Retirement Taxes Strategies for Reducing Retirement Taxes By, Jeremy Reif, CRPS Are you one of those people who says you will worry about taxes later? Better yet, you will move to a state where you do not need to pay taxes on your retirement money.  If so, this article is for you. Retirement is a phase of life that many look forward to. This stage of life brings new challenges, especially in the realm of financial planning and tax management. Understanding how taxes work in retirement is crucial to maximizing your income and ensuring your savings last. Explore key strategies and considerations... Continue Reading

The Internal Revenue Service (IRS) has announced significant updates for 2024, impacting various retirement plans, including 401(k), Individual Retirement Accounts (IRA), and Roth IRAs. These changes, primarily influenced by cost-of-living adjustments (COLA), offer important implications for individuals and employers in planning their retirement contributions and strategies. 1. 401(k) Plan Contribution Limits For 2024, the contribution limit for 401(k) plans has been increased to $23,000, up from $22,500 in 2023​​​​. This increase allows individuals to contribute more towards their 401(k)... Continue Reading

Today’s world is evolving rapidly, making it more challenging than ever to attract and hold onto talented employees, particularly senior management. Here are some strategies that might be beneficial, and these require thoughtful conversations: Secure key talent with a Deferred Compensation Plan. Establish a “Split-Dollar” insurance program for your executives. Consider a creative match for your 401(k). Add a New Comparability section to your 401(k). Develop a Cash-Balance Defined Benefit Plan. Offer Financial Planning to your key managers. Present a paid advanced education plan for your... Continue Reading

Are employee exits burning a hole in your company’s pocket? Employee turnover isn’t just about bidding farewell to a familiar face. It’s about the monetary implications–the real costs of employee turnover– that are both evident and concealed beneath the surface of your business. The modern employee doesn’t just work for today’s paycheck. They’re consistently looking towards the future, envisioning a time when they can retire comfortably. A 401k plan isn’t just a savings tool; it’s a testament to the company’s investment in their long-term well-being. By offering a robust... Continue Reading

In the world of business management, understanding the roles and responsibilities of various financial professionals is paramount. Particularly when it comes to handling retirement plans like 401(k)s, the expertise brought on board can directly affect the financial well-being of numerous individuals. Two crucial roles in this sphere are those of a 401(k) Fiduciary Advisor and an Investment Advisor–but what sets them apart? Why should you, as a plan sponsor or business owner, consider opting for a 401(k) Fiduciary?  Upgrade your 401(k) plan today with a free plan analysis.  Examining 401(k)... Continue Reading

The role of 401(k) plans in an employee’s financial stability cannot be overstated. As such, companies must ensure these plans are structured to provide the best possible outcomes. Superior plan features and design can significantly impact the performance of 401(k) plans, influencing employees’ retirement readiness. Let’s explore the correlation between innovative plan features and overall retirement savings growth, using case studies to illustrate successful strategies. Reach out today to start the conversation about your company’s 401(k) plan. The Power of Plan Features Research has... Continue Reading

There is no doubt that retirement planning is important. With many Americans living into their 80s and 90s, it’s more important than ever to ensure that your finances are in order so you can enjoy your golden years. Despite the wealth of saving and financial wellness options created by the retirement industry, there is still […] Originally Published on BoomerBuyerGuides.com Continue Reading

If you have a 401(k) or IRA you can thank the IRS for making some changes primarily based on the effects of inflation on the economy. 401(k) and IRA Plans 401(k) plans help people save money for when they stop working. Your employer might help you save money by giving you extra money to put […] Originally Published on BoomerBuyerGuides.com Continue Reading