Understanding IRAs

Understanding IRAs An individual retirement arrangement (IRA) is a personal savings plan that offers specific tax benefits. IRAs are one of the most powerful retirement savings tools available to you. Even if you’re contributing to a 401(k) or other plan at work, you should also consider investing in an IRA. What types of IRAs are […]

Roth 401k

The Roth 401(k) Employers can offer 401(k) plan participants the opportunity to make Roth 401(k) contributions. If you’re lucky enough to work for an employer who offers this option, Roth contributions could play an important role in maximizing your retirement income. What is a Roth 401(k)? A Roth 401(k) is simply a traditional 401(k) plan[…..]

Early Retirement

Can You Afford to Retire Early? Historically, most Americans have considered 65 to be their target retirement age. This is likely the result of past Social Security laws, which provided full benefits beginning at age 65. However, many workers today are retiring at an increasingly earlier age. In just the last few years, for example,[…..]

Term Life Insurance

Understanding Term Life Insurance In days gone by, life insurance used to be simple. You figured out how much death benefit you needed, and then you chose between term and whole life. The life insurance industry has gotten a whole lot more complicated in recent years. Besides term and whole life (now often called “permanent[…..]

Financial Statements

Your Personal Financial Statements Personal financial statements are the roadmap that guides us from where we are today, to where we want to be tomorrow. They also provide fixed points of reference from which we can measure our progress over time. What are Personal Financial Statements? There are two basic personal financial statements that everyone[…..]

Entity Selection

Choosing the Right Business Entity Choosing the form of entity under which a business will operate is one of the first, and often the most important, decisions a business owner will make. Although the legal details underlying each entity type are inherently complex, exploring three major variables may help you determine which option is right[…..]

Key Employees

Protecting Against the Loss of Key Employee The vast majority of small-business owners accept the wisdom of insuring the firm against the loss of its property values. We take care to insure the physical assets against fire, tornados and other disasters. Yet, protection from the loss a key executive may be far more important. First,[…..]

Cafeteria Plans

Implementing a Cafeteria Plan in Your Business Internal Revenue Code 125 allows an employer to implement an employee benefit plan, which allows employees to select the benefit programs they prefer. The plan offers two or more options and the employee chooses the option most appropriate for him or her from the “menu” of benefits available.[…..]

Business Continuation

Choosing the Right Continuation Plan for Your Business The death of a major shareholder in a closely held corporation can seriously interrupt the continuity and profitability of the business. Surviving shareholders must struggle with how to continue the company as a profitable business with the loss of a key player. Heirs must concern themselves with[…..]

Deferring Compensation

Deferring Compensation In addition to providing qualified plans to employees, many business owners implement nonqualified alternatives in order to supplement retirement benefits. These selective benefit plans are generally offered to key employees and owners. One popular nonqualified benefit is deferred compensation. Basically, nonqualified deferred compensation refers to an arrangement between an employer and an employee[…..]