Planning for a secure retirement is crucial, and selecting the right retirement solutions can make all the difference. With years of experience and a deep understanding of retirement planning, the Succession, Wealth & Insurance Network offers expertise that helps you navigate the complexities of retirement savings with confidence. Our comprehensive range of retirement options is designed to meet diverse financial needs and goals. From traditional savings plans like IRAs and 401(k)s to specialized accounts such as Roth Conversions and Defined Benefit Plans, we provide tailored solutions backed by expert guidance. Explore our offerings to find the plan that best suits your unique situation and start building your future today. Trust our expertise to guide you every step of the way.

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Traditional IRA
Traditional IRA: A traditional IRA (also known as a participant IRA) is available to anyone who receives taxable compensation during the year. Compensation includes wages, salaries, tips, bonuses, taxable alimony, and separate maintenance payments. Benefits of a traditional IRA include:

  • Tax-deferred earnings: Earnings generated on contributions to an IRA are tax deferred. The earnings are not reported to the IRS and IRA holders do not include earnings in an IRA on their tax return.
  • Tax deduction: The IRS encourages retirement savings by offering a tax deduction to certain IRA holders. The ability to qualify for a tax deduction depends on your filing status, Modified Adjusted Gross Income (MAGI) and if you participate in a retirement plan at work.
  • Tax credit: Some IRA holders may qualify for a tax credit. Clients should seek the advice of a competent tax adviser for more information
Beneficiary IRA
Beneficiary IRA: A beneficiary IRA is established for the sole purpose of holding assets inherited by a beneficiary from the original account owner. (This type of account should not be established if a spouse has opted to take the account of their spouse as their own.) The account registration must include the name of the beneficiary and the name of the original (now deceased) IRA owner. A beneficiary IRA can be a traditional IRA or a Roth IRA depending on what type of account the original IRA was.
IRS Publication 590-A and 590-B defines these plans.

Benefits of a Beneficiary IRA:

  • Requirement – It is a requirement that assets are distributed with tax reporting that reflects the name of the deceased and the name of the beneficiary. This is required for traditional and Roth IRAs.
  • Tax-Deferred Earnings – The earnings on assets in a beneficiary IRA are tax-deferred until withdrawn.
Rollover IRA
Rollover IRA: A rollover IRA is a traditional IRA exclusively used to hold money that is rolled over from a qualified plan. The benefits of keeping rollover money separate from contributory money declined with the passing of EGTRRA 2001 and the new portability rules.

Benefits of opening a rollover IRA include:

  • Tax-Deferred Earnings – The earnings on assets in a rollover IRA are tax-deferred until withdrawn.
  • 10-Year Tax Option – The remaining benefit of a rollover IRA is for individuals born before 1936 who are taking advantage of the 10-year tax option. This allows an individual to make a lump sum withdrawal from their employer’s plan and average the tax liability over the next ten years, thus spreading out the tax impact to the recipient. See IRS Publication 575 for further details.
Roth IRA
Roth IRA: Roth IRAs first became available January 1, 1998. Eligibility to make new contributions and Roth conversions are based on Modified Adjusted Gross Income (MAGI) and filing status of the client. There is no need to keep contributory money separate from conversion money.

Benefits

  • Tax-Deferred Earnings – Earnings generated on contributions to an IRA are tax deferred. The earnings are not reported to the IRS and IRA holders do not include earnings in an IRA on their tax return.
  • Tax Credit – Some IRA holders may qualify for a tax credit. Clients should seek the advice of a competent tax adviser for further information
Roth Conversion
Roth Conversion: A backdoor Roth IRA is not an official type of retirement account, but an informal name for a strategy used by high-income taxpayers to fund a Roth IRA, most often through a conversion. It allows clients who do not qualify to make contributions directly to a Roth IRA to contribute first to a traditional/SEP IRA, and then immediately convert those assets to a Roth IRA.
Spousal IRA
Spousal IRA: A Spousal IRA allows an unemployed or low-income earning spouse to open an IRA and have it funded by the employed spouse. This feature is available as a traditional IRA or a Roth IRA. The benefits of a spousal IRA are the tax-deferred earnings. Earnings generated on contributions to an IRA are tax-deferred. The earnings are not reported to the IRS, and IRA holders do not include earnings in an IRA on their tax return.
Guardian IRA
Guardian IRA: A Guardian IRA is established when the IRA owner has not reached the age of majority. The name of the guardian must appear in the registration of the account as well as the IRA owner. The guardian maintains control of the account until the minor reaches the age of majority. The minor must have earned income in order to make contributions to the plan. Funding can also come from the Guardian/Conservator, as long as the minor has earnings. A Guardian IRA may be established for a Roth IRA or a Traditional IRA.

The benefits of a Guardian IRA are:

  • Tax-Deferred Earnings, which are earnings generated on contributions to an IRA that are tax-deferred. The earnings are not reported to the IRS and IRA holders do not include earnings in an IRA on their tax return.
  • Early Savings, a Guardian IRA allows for retirement savings to start as soon as a child earns income.
401(k)
401(k): A 401(k) plan is a type of defined contribution plan established by an employer. It is also known as a Profit Sharing 401(k). Tax-exempt organizations are eligible to establish these plans, but state and local governments generally cannot establish 401(k) plans.401(k) plans are governed by the rules of the Employee Retirement Income Security Act (ERISA), the Department of Labor (DOL) and the Internal Revenue Service (IRS).Benefits:

  • (Employer) Tax Deduction – The employer can claim a deduction on the business tax return for contributions made to participants.
  • (Employee) Non-Taxable – Employer contributions are not considered taxable income to employees for the year in which the contribution is made.
  • (Employee) Pre-Tax – Employee deferrals are deducted from the employee’s paycheck before taxes are withheld therefore reducing the amount of taxes withheld.
Individual (k)
Individual (k): An Individual(k) is a qualified retirement plan designed specifically for employers with no full-time employees other than the business owner(s) and their spouse(s). The plan operates the same as a 401(k).
Defined Benefit Plan
Defined Benefit Plan: A defined benefit plan is an employer sponsored retirement plan providing a predetermined benefit to the participants. Once the retirement benefit objective is set, the employer contributions needed to meet the benefit objective are determined actuarially on an annual basis. The benefit objective is the controlling force and the contributions are simply a factor of that controlling force.

If the investments perform poorly, the employer must contribute an increased amount in subsequent year to counteract the poor investment performance to ensure the plan is able to satisfy the predetermined benefit objectives.

SEP IRA
SEP IRA: Most employers are eligible to establish SEP plans. This type of plan is most common among sole-proprietors. The following are the benefits of establishing a SEP IRA:

  • Employee Incentive: The SEP plan is designed to allow an employer to make discretionary contributions to an employee’s IRA.
  • Tax Deduction: Plan contributions are deductible for the business.
Simple IRA
Simple IRA: A Savings Incentive Match Plan for Employees (SIMPLE) IRA is a retirement savings plan for small employers (less than 100 employees) who want a simple and cost-effective way to help their employees save for retirement.

Benefits

  • The contribution limits for a SIMPLE IRA are much higher than a traditional IRA.
  • SIMPLE IRAs, like their traditional counterparts, are tax-deferred accounts, allowing participants to save more on taxes upfront.
  • SIMPLE IRAs are more cost-effective and easier to administer than other types of Qualified retirement plans.
  • SIMPLE IRAs provide the employee with instant, mandatory vesting of contributions.
  • Employers are required to either match all employee contributions or make non-elective profit-sharing contributions.
403(b)
403(b): 403(b) and 403(b)(7) plans are available only for non-profit 501(c)(3) and educational organizations. 403(b) plans can only invest in annuities or mutual funds and 403(b)(7) plans can only invest in mutual funds.

Benefits for Employees:

  • Tax-Deferred Earnings – Earnings generated on contributions to the employee’s account are tax-deferred. The earnings are not reported to the IRS and account owners do not include earnings in the account on their tax return.
  • Pre-Tax – Employee deferrals are deducted from the employee’s paycheck before taxes are withheld therefore reducing the amount of taxes withheld.
Section 457 Plans
Section 457 Plans: Only eligible employers may offer Section 457 Plans. Eligible employers include state and local entities, hospitals, school districtions, and other tax-exempt organizations under IRC 501(c).

Section 457 Plans allow employees to defer a portion of their income into the plan. These employee deferrals and their earnings are not taxed until they are distributed from the plan.