Retirement Planning has become increasingly important with the major change in the demographic of the United States. When our parents went to work they generally stayed with one company until they got the "gold watch" and retirement benefits. Today we are much more mobile, and as a result we may have many different retirement plans, and no "gold watch". This makes our retirement planning more complicated than ever before. As we pointed out in our opening statement, only 5% of people reaching retirement are successful. That is why the young person you are today must take care of the older person you will become. If you wait until retirement it's most likely too late. Companies wishing to retain good people should consider establishing quality benefit plans and providing professional help for their employees. All retirement programs have government regulations that must be followed. Obtaining professional help becomes paramount in reaching your goals. We have the ability to help you establish any on the qualified plans provided in the tax code (see listed at bottom of page). click here

It is not too late to plan. You should meet with a professional coach six months to one year prior to retirement. This is the time to begin work on your retirement plan exit strategy. In this session you should establish reasonable goals, and review your options for retirement. It may be prudent to combine all benefits under central management for ease of access, making sure all cost and benefits are disclosed in any transfers. Read any prospectus carefully before investing or sending money. If you would like to receive our help to create a retirement plan exit strategy please register. Click here

IRA: If you meet qualifications, current law allows a $3,000 deductible contribution annually. The dollar contribution can grow tax deferred until you retire. There is also a non-deductible traditional IRA available.

Roth IRA: This is very similar to the traditional IRA. However, the Roth is never tax deductible and under the correct circumstances distributions from the account may be free of federal income tax.

403B Plans: Also known as tax-sheltered annuities. These are tax deferral programs. You must be an employee of religious, charitable, educational, scientific or literary organization, defined in section 501(c) (3) or a public school.

Simple Plans: The word "SIMPLE" stands for Saving Incentive Match Plan for employees. Simple Plan must be set up prior to October 1st of each year. They can be in an IRA format or a 401(k) format.

SEP: "Simplified Employee Plan". This is a group IRA that establishes individual IRA's for employees. The employer may contribute more than the individual employee can to the traditional IRA or Roth plans.

IRC Sec. 401(k) Plan: This section allows an employee to agree to a salary reduction or defer a bonus paid by an employer. Any stock bonus or profit-sharing plan that allows for a cash or deferral has become known as a 401(k) Plan.

Defined Benefit Plan: These plans pay a fixed or defined benefit at retirement, based on a formula. Generally they favor older employees because most of the money goes to their account to provide for the promised retirement benefits. These plans are expensive to administer and have added actuary costs.

Money Purchase Pension: The employer contributes a percentage of the employee's income each year. What ever the fund grows to is what the employee gets.

Target Benefit Plan: These plans combine elements of both Define Benefit and Defined Contribution plans. The plan defines a "Target Benefit" setting the contribution level to reach the stated goal. The contribution accumulates and what the fund grows to is what the employee gets.

Traditional Profit Sharing Plan: Similar to Money Purchase Plan with a major exception, the contribution is a variable percentage and contribution does not have to be made each year.

From this point there are several hybrid qualified business plans; From this point there are several hybrid qualified business plans; Age-Weighted, Safe Harbor, Cross Tested, Integrated, Super Integrated, etc… All the variations can be illustrated by a quality Third Party Administrator. A Third Party Administrator provides plan documents assistance, compliance testing, form 5500 preparation and eligibility tracking. John L. Kingsley, CLU, ChFC, through ING Financial Partners, Inc.. provides Mutual Fund and annuity investments, assistance in selecting and monitoring plan investments, employee education and enrollment assistance. We work with administrative vendors and find companies to provide a complete packaged approach, so you can be free to focus on what's really important-your business Click here