Alert! Social Security is not enough to live on by itself. Monthly Social Security payments account for 25-30% of a person's total income in retirement. It was never intended to be the only source of income. there is an old saying "if it is meant to be, it is up to me". Saving for one's retirement is not a nice to do, but it is a MUST DO! If you have any further questions on which retirement plan might be best for you to set up, just give me a call to discuss.
Business Law & Order - February 18, 2013AnnArborSPARK
Is your start-up looking to hire interns, full-time employes or consultants? Join our Business Law & Order event to learn just what you need to do when growing the staff of your company.
5, 4, 3, 2, 1: The Code to Better Compensation PlanningPERFORMENSATION
This presentation provides an entirely new approach to planning everything from your year down to your day. Designed for HR and Compensation professionals, we unveil our 5D-4W-3M-2Q-1Y code and how to put in action to become more efficient and effective.
This presentation was originally given on February 6, 2013 to more than 600 compensation professionals webinar attendees. Don't be the only compensation professional to miss out on this excellent program.
Learn how to more effectively plan and manage: Executive compensation, Long term incentives, Short Term Incentives, Bonuses, Merit increases, Performance appraisals, Performance reviews, Survey analysis and much more.
Equity/ Stock-based compensation is a method by which corporations use options to buy stock at subsidized/ no cost usually at a future date to incentivize, retain and reward their employees/ advisors.
Strategic Retirement Plan Designs for Professional Practices 92011twosons
A discussion of how to rapidly accelerate your contributions and significantly reduce your tax liability via a retirement plan designed for your specific personal and corporate objectives.
Business Law & Order - February 18, 2013AnnArborSPARK
Is your start-up looking to hire interns, full-time employes or consultants? Join our Business Law & Order event to learn just what you need to do when growing the staff of your company.
5, 4, 3, 2, 1: The Code to Better Compensation PlanningPERFORMENSATION
This presentation provides an entirely new approach to planning everything from your year down to your day. Designed for HR and Compensation professionals, we unveil our 5D-4W-3M-2Q-1Y code and how to put in action to become more efficient and effective.
This presentation was originally given on February 6, 2013 to more than 600 compensation professionals webinar attendees. Don't be the only compensation professional to miss out on this excellent program.
Learn how to more effectively plan and manage: Executive compensation, Long term incentives, Short Term Incentives, Bonuses, Merit increases, Performance appraisals, Performance reviews, Survey analysis and much more.
Equity/ Stock-based compensation is a method by which corporations use options to buy stock at subsidized/ no cost usually at a future date to incentivize, retain and reward their employees/ advisors.
Strategic Retirement Plan Designs for Professional Practices 92011twosons
A discussion of how to rapidly accelerate your contributions and significantly reduce your tax liability via a retirement plan designed for your specific personal and corporate objectives.
A Mid-Year Financial Review:
More Time to Plan
Understanding Mutual Fund
Expense Ratios
How Much Life Insurance is
Enough?
I started a business that lost
money this year. Do I have
NOL?
Most business leaders believe that some portion of employee pay should be in the form of incentives, but are left struggling to find answers to key questions: How much of someone’s pay should be variable? And who should have incentive pay as part of their mix? How much of the incentive should be short-term and how much should be based on long-term performance? What type of incentive(s) should it be? What if I don’t pay incentives and just pay higher salaries than my competitors? Will that work just as well?
If these are questions you are facing, don’t miss this presentation!
The Retirement Income Gender Gap -- Dealing with the ShortfallDolf Dunn
Are you facing a retirement income gap? Have you ever heard the saying what you don't know can't hurt you? "There is no shame in not knowing, the shame lies in not finding out" ~ Russian Proverb. It is never too soon to start planning your retirement income strategy. I can help, please read on, your retirement may depend on it.
This presentation about Sri Lanka accounting standards 19, employee benefits. most of the areas are discuss on this. objectives,short term,post,long term, termination. employee benifits.
I have pleasure in presenting the Chartwell Financial Synergy - Client Newsletter - for Autumn 2012, covering a range of topical subjects which may affect you, your business or your clients.
• The Retail Distribution Review (RDR) - In January 2013, RDR will change how advisers work with their clients
• Company tax planning - Tax changes can affect your plans from year-to-year
• When will you stop working? - The number of people working past their state pension age is on the increase
• Spiralling tuition fees call for careful planning - The spiralling costs of tuition at English universities will be causing concern for many parents
• Falling annuity rates ahead - The link between gender & equality, and the reason why men looking to buy a pension annuity in the near future may wish to do that sooner rather than later
This issue also covers the national minimum wage increase, child benefit changes, and the importance of taking your dividends into account.
We provide expert advice on all of the topics discussed in the newsletter and more. We would be happy to help you with all aspects financial planning and security. Don’t hesitate to contact us if you require further advice or support.
Regards
Richard
Most business leaders know that some portion of their pay construct should be in the form of incentives, but are left struggling to find answers to these kinds of questions: How much of someone’s pay should be variable? And who should have incentive pay as part of their mix? How much of the incentive should be short-term and how much should be based on long-term performance? What type of incentive(s) should it be. If these are questions you struggle with, you will not want to miss this.
Oferta SkiBus AX 3 Domaines Puente de la Inmaculada, del 4 al 8 de diciembre ...Pistas Blancas
Oferta Ski Bus Puente de la Inmaculada, del 4 al 8 de diciembres de 2015 en la estación de esquí Ax les Thermes - AX 3 Domaines en el Pirineo Francés, 4 Noches + Forfait 4 días.
A Mid-Year Financial Review:
More Time to Plan
Understanding Mutual Fund
Expense Ratios
How Much Life Insurance is
Enough?
I started a business that lost
money this year. Do I have
NOL?
Most business leaders believe that some portion of employee pay should be in the form of incentives, but are left struggling to find answers to key questions: How much of someone’s pay should be variable? And who should have incentive pay as part of their mix? How much of the incentive should be short-term and how much should be based on long-term performance? What type of incentive(s) should it be? What if I don’t pay incentives and just pay higher salaries than my competitors? Will that work just as well?
If these are questions you are facing, don’t miss this presentation!
The Retirement Income Gender Gap -- Dealing with the ShortfallDolf Dunn
Are you facing a retirement income gap? Have you ever heard the saying what you don't know can't hurt you? "There is no shame in not knowing, the shame lies in not finding out" ~ Russian Proverb. It is never too soon to start planning your retirement income strategy. I can help, please read on, your retirement may depend on it.
This presentation about Sri Lanka accounting standards 19, employee benefits. most of the areas are discuss on this. objectives,short term,post,long term, termination. employee benifits.
I have pleasure in presenting the Chartwell Financial Synergy - Client Newsletter - for Autumn 2012, covering a range of topical subjects which may affect you, your business or your clients.
• The Retail Distribution Review (RDR) - In January 2013, RDR will change how advisers work with their clients
• Company tax planning - Tax changes can affect your plans from year-to-year
• When will you stop working? - The number of people working past their state pension age is on the increase
• Spiralling tuition fees call for careful planning - The spiralling costs of tuition at English universities will be causing concern for many parents
• Falling annuity rates ahead - The link between gender & equality, and the reason why men looking to buy a pension annuity in the near future may wish to do that sooner rather than later
This issue also covers the national minimum wage increase, child benefit changes, and the importance of taking your dividends into account.
We provide expert advice on all of the topics discussed in the newsletter and more. We would be happy to help you with all aspects financial planning and security. Don’t hesitate to contact us if you require further advice or support.
Regards
Richard
Most business leaders know that some portion of their pay construct should be in the form of incentives, but are left struggling to find answers to these kinds of questions: How much of someone’s pay should be variable? And who should have incentive pay as part of their mix? How much of the incentive should be short-term and how much should be based on long-term performance? What type of incentive(s) should it be. If these are questions you struggle with, you will not want to miss this.
Oferta SkiBus AX 3 Domaines Puente de la Inmaculada, del 4 al 8 de diciembre ...Pistas Blancas
Oferta Ski Bus Puente de la Inmaculada, del 4 al 8 de diciembres de 2015 en la estación de esquí Ax les Thermes - AX 3 Domaines en el Pirineo Francés, 4 Noches + Forfait 4 días.
Michael Silver & Company CPAs recently published an article on retirement plans for businesses. Whether you have a small, independent business or a large company, we discuss the advantages and disadvantages for each plan available.
Michael Silver & Company CPAs has recently published an article on the benefits of retirement plans. Whether you have a small, independent business or a large company, we describe the advantages and disadvantages of each possible plan for each possible business.
If your business is seeking an opportunity for a greater tax deduction and a way to help key employees
maximize benefits, especially over a short period of time, you may want to consider a cash balance plan.
Employee retention is a primary goal for many small businesses. Not only is it expensive to replace employees, but high employee turnover can be damaging to workplace morale and customer service
Understanding what you can legally contribute towards your retirement savings is important, but it is the easy part. Saving into your retirement plans up to the max each year is the hard part. It requires financial discipline now to avoid regret later! Please read on...
Should You Offer Your Employees Retirement Benefits_.pptxRalfHeyer
As with offering your employees health insurance coverage, offering retirement benefits is a great way to boost your compensation package, and both attract and retain a valued workforce. In some instances, small business owners can even take advantage of retirement plans for themselves.
IntroductionComment by Exploring Series This is listed as a Head.docxvrickens
Introduction Comment by Exploring Series: This is listed as a Heading 2, but it should be Heading 1. Please change this heading to a Heading 1 style.
It is never too early to save for your retirement. For a start, you can estimate the amount that you need to have before you can retire comfortably using financial calculators found on sites such as CNN Money, Kiplinger, Motley Fool, and TIAA-CREF financial services. The good part is, there are many different types of retirement plans that you can participate, individually or with your employers. To help you save for retirement, there are many government-regulated and government-approved retirement accounts that you can contribute a certain amount to annually. Why should you enroll in a retirement plan NOWnow? Did you know that your retirement can last for 30 years or more? A common rule to follow is that a retiree will need up to 80% of his/her annual income today to retire comfortably. Unfortunately, the average benefit amount paid monthly by the Social Security Administration is only $1,177.
Below are many advantages why you should start saving NOWnow:
· Tax on employee and employer contributions is deferred until distributed.
· Investment gains in the plan are not taxed until distributed.
· Retirement assets can be carried from one employer to another.
· Contributions can be made easily through payroll deduction.
· Saver’s Credit is available.
· Flexible plan options are available.
· Better financial security at retirement.
Future Retirement Savings Value - Assuming 6% annual return Comment by Exploring Series: You need to insert a caption for this table and the next table.
Monthly Savings
5 years
15 years
20 years
$50
$3,506
$14,614
$23,218
$200
$14,024
$58,456
$92,870
$500
$35,059
$146,136
$232,176
Source: http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-Benefits-of-Saving-Now
A contribution is defined as the amount that an employee and an employer can put into a retirement plan. There are, however, varying limits on how much we (including both employers and employees) can contribute to any of the retirement plan. Each plan has its own rules and criteria, and must specifically state that contributions or benefits cannot exceed certain limits. Employees can participate in contributions via salary reduction. Employers can match employees’ contributions or contribute outright a certain amount into the employees’ retirement account.
Traditional Individual Retirement Arrangements (IRAs) Comment by Exploring Series: Please change all headings formatted with Heading 3 to Heading 2 style.
There are two major kinds of IRAs – traditional and Roth. A traditional IRA is a way to save for retirement that gives you tax advantages. It allows you to make tax-deferred investments to provide financial security when you retire. Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement pla ...
As the name suggests a profit sharing plan is a plan wherein a company or business shares a part of the profit to its employees. Basically, it’s a supplement to the employee’s salary – you can think of it as something as a bonus that showcases the health of the company or business as a whole.
Answers from a recent webinar presentation discussing employer healthcare reform and how Ohio businesses will be impacted. Rea Associates - Ohio Accounting Firm.
Don’t want to get “taken” on a low dealer trade-in, consider donating that older model car to your favorite charity. Want help getting a fair market value on your car, call us.
Strategic diversification can add value to your portfolio. If you do not have any of these different types of asset classes, you should ask your investment person why. If they do not have a good reason, you may want to seek a different adviser....
So which mortgage is the right one for you? Wait for it…it depends! You know life is too complex for an easy rule of thumb. You should seek the advice of a qualified financial planner who does this kind of scenario all the time. The second thing you could do is give us a call..
Bonds, Interest rates, and the Impact of InflationDolf Dunn
Bonds have had their 30+ year bull run, now it is time to pay close attention to the bonds you own. For decades, most people’s bond portfolios were just on autopilot, this will get you hurt going forward. Please read on..
A Woman's Guide to Health Care in RetirementDolf Dunn
Health care in retirement can be one of the largest expense items for people, especially women. It is crucial you plan on these costs in your retirement budget. Need help? Give us a call.
Women live 5 years longer, on average, than men. Planning your own retirement is crucial to living the life you want to live.... the way you want to live it. Call us, let's talk.
Women can't afford to avoid investing, but they don't have to do it alone either. Do your due dilligence on selecting a financial advisor who actually has additional credentials beyond just being licensed to sell you an investment. Ask the advisor how long they have been in the business, and what have they done to become a better advisor since they started. Just because someone has been in the business 15 years, doesn't mean they haven't simply repeated the first year 14 other times!
Focus on things that matter and that you can control! I offer this letter up for information purposes only, not to pretend that you or I have any control over what happens (or doesn't happen) in Washington. Staying focused on your financial plan is key to working towards your goals.
Bonds, Interest rates, and the Impact of InflationDolf Dunn
Since May, interest rates on bonds have drifted upwards and values have declined. Investing in bonds can no longer be left on auto-pilot. Please read on...
Changing Jobs? Take Your 401(k) and ... Roll It!Dolf Dunn
If you have recently lost your job, or are changing jobs, you may be wondering what to do with your 401(k) plan account. It is important to understand your options
Health-Care Reform: Replacing Myths with FactsDolf Dunn
Emotions and financial decisions rarely ever go well together, so it is critical to understand how (if any) the new health care program will affect you and your family.
Women, in Estate Planning, You Are the Last ResortDolf Dunn
Because women usually outlive their male counterparts by an average of almost 5 years, making sure both you and your husband's estate documents are completed is crucial. I truly believe if you love someone, you will deal with your own mortality and get your estate documents completed! It is not about you, it is about the people you love most.
Common Factors Affecting Retirement IncomeDolf Dunn
People have two very distinct investment periods in their lives, Accumulation and Distribution. Brokers are paid in the accumulation phase, not so much in the distribution phase. Fee-based Financial Planners, like myself, are paid along the way to give our clients great advice in both phases of their lives. Distribution phase is the more difficult of the two to get right. If you do not do proper planning, one risks running out of money before your last breathe. Not to be entrusted to amateurs. I can help, please give me a call.
Keep this handy Individual Income Tax chart to help quickly discover the changes from 2012 to 2013 as a result of "The American Taxpayer Relief Act of 2012." You have to love how Congress names their legislation.
Ignore LTC Planning at the Risk of Your Own Financial Peril.Dolf Dunn
This whole area of extended healthcare in retirement is so important to get right that I went and earned my CLTC designation. This area of your financial planning needs to be lead by someone who actually knows the subject matter. What is the difference between LTC planning and the Fiscal Cliff? You have great control over how you deal with LTC planning whereas you have no real say in what was decided by congress and the president last week.
1. Dolf Dunn Wealth Management, LLC
Dolf Dunn, CPA/PFS,CFP®,CPWA®,CDFA
Private Wealth Manager
11330 Vanstory Drive
Suite 101
Huntersville, NC 28078
704-897-0482
dolf@dolfdunn.com
www.dolfdunn.com
Retirement Plans for Small Businesses
If you're self-employed or own a small business and • To maximize the amount you can save for your
you haven't established a retirement savings plan, own retirement?
what are you waiting for? A retirement plan can help • A plan funded by employer contributions? By
you and your employees save for the future. And employee contributions? Both?
you'll be in good company--over 1 million small
businesses with 100 or fewer employees currently • A plan that allows you and your employees to
offer workplace retirement savings plans. make pretax and/or Roth contributions?
• The flexibility to skip employer contributions in
Tax advantages some years?
A retirement plan can have significant tax • A plan with lowest costs? Easiest administration?
advantages:
The answers to these questions can help guide you
• Your contributions are deductible when made and your retirement professional to the plan (or
• Your contributions aren't taxed to an employee combination of plans) most appropriate for you.
until distributed from the plan SEPs
• Money in the retirement program grows tax
deferred (or, in the case of Roth accounts, A SEP allows you to set up an IRA (a "SEP-IRA") for
In general, the amount of potentially tax free) yourself and each of your eligible employees. You
employee compensation contribute a uniform percentage of pay for each
that can be taken into Types of plans employee, although you don't have to make
account when contributions every year, offering you some flexibility
determining employer Retirement plans are usually either IRA-based (like
when business conditions vary. For 2012, your
and employee SEPs and SIMPLE IRAs) or "qualified" (like 401(k)s,
contributions is limited to
contributions for each employee are limited to the
profit-sharing plans, and defined benefit plans).
$250,000 in 2012. lesser of 25% of pay or $50,000. Most employers,
Qualified plans are generally more complicated and
including those who are self-employed, can establish
expensive to maintain than IRA-based plans because
a SEP.
they have to comply with specific Internal Revenue
Code and ERISA (the Employee Retirement Income SEPs have low start-up and operating costs and can
Security Act of 1974) requirements in order to qualify be established using an easy two-page form. The
for their tax benefits. Also, qualified plan assets must plan must cover any employee aged 21 or older who
be held either in trust or by an insurance company. has worked for you for three of the last five years and
With IRA-based plans, your employees own (i.e., who earns $550 or more.
"vest" in) your contributions immediately. With
qualified plans, you can generally require that your
SIMPLE IRA plan
employees work a certain numbers of years before The SIMPLE IRA plan is available if you have 100 or
they vest. fewer employees. Employees can elect to make
pretax contributions in 2012 of up to $11,500
Which plan is right for you? ($14,000 if age 50 or older). You must either match
With a dizzying array of retirement plans to choose your employees' contributions dollar for dollar--up to
from, each with unique advantages and 3% of each employee's compensation--or make a
disadvantages, you'll need to clearly define your goals fixed contribution of 2% of compensation for each
before attempting to choose a plan. For example, do eligible employee. (The 3% match can be reduced to
you want: 1% in any two of five years.) Each employee who
earned $5,000 or more in any two prior years, and
November 27, 2012
Page 1 of 2, see disclaimer on final page
2. who is expected to earn at least $5,000 in the current contributions, but you can require two years of service
year, must be allowed to participate in the plan. if your contributions are immediately vested.
SIMPLE IRA plans are easy to set up. You fill out a 401(k) plans are required to perform somewhat
short form to establish a plan and ensure that complicated testing each year to make sure benefits
SIMPLE IRAs are set up for each employee. A aren't disproportionately weighted toward higher paid
financial institution can do much of the paperwork. employees. However, you don't have to perform
Additionally, administrative costs are low. discrimination testing if you adopt a "safe harbor"
401(k) plan. With a safe harbor 401(k) plan, you
Profit-sharing plan generally have to either match your employees'
contributions (100% of employee deferrals up to 3%
Typically, only you, not your employees, contribute to
of compensation, and 50% of deferrals between 3
a qualified profit-sharing plan. Your contributions are
and 5% of compensation), or make a fixed
discretionary--there's usually no set amount you need
contribution of 3% of compensation for all eligible
to contribute each year, and you have the flexibility to
employees, regardless of whether they contribute to
contribute nothing at all in a given year if you so
the plan. Your contributions must be fully vested.
choose (although your contributions must be
nondiscriminatory, and "substantial and recurring," for Another way to avoid discrimination testing is by
your plan to remain qualified). The plan must contain adopting a SIMPLE 401(k) plan. These plans are
a formula for determining how your contributions are similar to SIMPLE IRAs, but can also allow loans and
allocated among plan participants. A separate Roth contributions. Because they're still qualified
account is established for each participant that holds plans (and therefore more complicated than SIMPLE
your contributions and any investment gains or IRAs), and allow less deferrals than traditional
losses. Generally, each employee with a year of 401(k)s, SIMPLE 401(k)s haven't become popular.
service is eligible to participate (although you can
require two years of service if your contributions are
Defined benefit plan
immediately vested). Contributions for any employee A defined benefit plan is a qualified retirement plan
in 2012 can't exceed the lesser of $50,000 or 100% of that guarantees your employees a specified level of
the employee's compensation. benefits at retirement (for example, an annual benefit
equal to 30% of final average pay). As the name
401(k) plan suggests, it's the retirement benefit that's defined, not
The 401(k) plan (technically, a qualified profit-sharing the level of contributions to the plan. In 2012, a
plan with a cash or deferred feature) has become a defined benefit plan can provide an annual benefit of
hugely popular retirement savings vehicle for small up to $200,000 (or 100% of pay if less). The services
businesses. According to the Department of Labor, an of an actuary are generally needed to determine the
estimated 60 million American workers are enrolled in annual contributions that you must make to the plan
401(k) plans with total assets of about 3 trillion to fund the promised benefit. Your contributions may
dollars. With a 401(k) plan, employees can make vary from year to year, depending on the performance
pretax and/or Roth contributions in 2012 of up to of plan investments and other factors.
$17,000 of pay ($22,500 if age 50 or older). These In general, defined benefit plans are too costly and
deferrals go into a separate account for each too complex for most small businesses. However,
employee and aren't taxed until distributed. Generally, because they can provide the largest benefit of any
each employee with a year of service must be retirement plan, and therefore allow the largest
allowed to contribute to the plan. deductible employer contribution, defined benefit
You can also make employer contributions to your plans can be attractive to businesses that have a
401(k) plan--either matching contributions or small group of highly compensated owners who are
discretionary profit-sharing contributions. Combined seeking to contribute as much money as possible on
employer and employee contributions for any a tax-deferred basis.
employee in 2012 can't exceed the lesser of $50,000 As an employer, you have an important role to play in
(plus catch-up contributions of up to $5,500 if your helping America's workers save. Now is the time to
employee is age 50 or older) or 100% of the look into retirement plan programs for you and your
employee's compensation. In general, each employee employees.
with a year of service is eligible to receive employer
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any
individual. To determine which investment(s) may be appropriate for you, consult your financial advisor prior to investing. All performance
referenced is historical and is no guarantee of future results. All indices are unmanaged and cannot be invested into directly.
The tax information provided is not intended to be a substitute for specific individualized tax planning advice. We suggest that you consult with a
qualified tax advisor.
Securities offered through LPL Financial, Member FINRA/SIPC
Page 2 of 2
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2012