Types of Retirement Accounts
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This document discusses several types of retirement accounts that can be used to save and invest for retirement including 401(k) plans, Solo 401(k) plans, SEP IRAs, traditional and Roth IRAs, health savings accounts (HSAs), Coverdell education savings accounts (ESAs), and inherited IRAs. Each type of account has different contribution limits and rules around withdrawals and required minimum distributions. Solo 401(k) plans allow individuals to make both employee and employer contributions, up to a total of $57,000 or $62,000 if over age 50. SEP IRAs are employer-sponsored plans with contribution limits of 25% of compensation or $57,000. HSAs can be used to pay
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IntroductionComment by Exploring Series This is listed as a Head.docx
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.
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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.
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Traditional Individual Retirement Arrangements (IRAs) Comment by Exploring Series: Please change all headings formatted with Heading 3 to Heading 2 style.
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IntroductionComment by Exploring Series This is listed as a Head.docx
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
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Source: http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-Benefits-of-Saving-Now
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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 ...
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Small ret
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The document discusses upcoming trends in retirement plans in 2018, including a growing emphasis on retirement income solutions and strategies for spending retirement savings from defined contribution plans. It notes that in-plan retirement income options will likely continue evolving to provide flexibility in distributing assets to participants. A think tank expects retirement income solutions will become a larger part of employer well-being programs and help improve readiness. However, some consultants may hesitate to propose innovative retirement income products due to fiduciary risk concerns. Recent federal guidance and legislation are aimed at supporting lifetime income options and addressing these concerns. The new tax law may also provide additional savings opportunities that plans could leverage through education on Roth accounts.
Roadmap to Retirement Client Brochure
The document discusses key milestones and considerations in retirement planning from ages 50 to over age 60. It recommends meeting with a financial professional prior to age 50 to review asset allocation and retirement strategy. At age 50, it suggests maximizing retirement contributions and catch-up contributions, and reviewing beneficiary forms and healthcare costs. At age 55, it addresses the impact of early retirement on Social Security benefits and pension payout options. At age 59.5, it discusses accessing retirement funds and protecting retirement income.
Quiz Show Tax & Retirement 1
The document discusses various tax-advantaged retirement plans like Traditional IRAs, 401(k)s, and 403(b) plans that allow pre-tax contributions and tax-deferred earnings. It also covers Charitable Remainder Trusts, contribution limits for donations to charities, and the step-up in basis rule for inheriting assets. Matching tax sections to concepts like partnerships, mergers, and like-kind exchanges is addressed as well.
Technical Presentations #3 Non Technical Audience
A 401(k) is an employer-sponsored retirement plan that allows employees to save and invest a portion of their wages to grow tax-free until withdrawal. Employees elect a percentage of their paycheck to contribute to the 401(k) which reduces their taxable income. Employers often match a percentage of employee contributions. Employees choose how the money is invested and it grows over time through investment returns and continued contributions. Money can be withdrawn at retirement, upon leaving an employer, or in special hardship situations with potential penalties. Southern Company offers an Employee Savings Plan 401(k) that matches 85% of the first 6% of employee contributions.
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Why Are Retirement Plans Such a Great Opportunity?
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Why Are Retirement Plans Such a Great Opportunity?
Why Are Retirement Plans Such a Great Opportunity?
Qualified Plan Includes PRIME- Pre-tax Healthcare Retirement Funding
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IntroductionComment by Exploring Series This is listed as a Head.docx
IntroductionComment by Exploring Series This is listed as a Head.docx
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Types of Retirement Accounts
- 2. TYPES OF RETIREMENT ACCOUNTS TYPES OF ACCOUNTS TO USE YOUR RETIREMENT TO INVEST IN REAL ESTATE 401(k)/Solo 401k SEP Traditional IRA Roth IRA Health Savings Account (HSA) Coverdell Education Savings Account (ESA) Inherited IRAs (Traditional and Roth)
- 3. TRADITIONAL IRA ROTH IRASEP HEALTH SAVINGS ACCOUNT (HAS) SOLO 401 (K) 401 (K)EDUCATIONAL SAVINGS ACCOUNT (ESA) INHERITED IRAS SDIRA TYPES OF RETIREMENT ACCOUNTS
- 4. TYPES OF RETIREMENT ACCOUNTS
- 5. SOLO 401K https://www.irs.gov/retirement-plans/one-participant-401k-plans TYPES OF RETIREMENT ACCOUNTS
- 6. SOLO 401k CONTRIBUTIONS In 2020, as an employee, you can contribute up to $19,500 to your Solo 401k, and an additional $6,500 if you are at least age 50. You, as an employer, can also contribute to your Solo 401(k) up to 25% of your compensation. Total contributions (employee and employer, combined) to your Solo 401k cannot exceed $57,000, or $62,000 if you’re at least 50 years old in 2020. There are other factors; Quest can walk you through your options and what is best for you. https://www.irs.gov/retirement-plans/one-participant-401k-plans TYPES OF RETIREMENT ACCOUNTS
- 7. Beth, age 51, earned $50,000 in W-2 wages from her S Corporation in 2020. She deferred $19,500 in regular elective deferrals plus $6,500 in catch-up contributions to the 401(k) plan. Her business contributed 25% of her compensation to the plan, $12,500. Total contributions to the plan for 2020 were $38,500. This is the maximum that can be contributed to the plan for Beth for 2020. SOLO 401(K) EXAMPLE https://www.irs.gov/retirement-plans/one-participant-401k-plans TYPES OF RETIREMENT ACCOUNTS
- 8. Contributions an employer can make to an employee's SEP-IRA cannot exceed the lesser of: 25% of the employee's compensation, or $57,000 for 2020 SIMPLIFIED EMPLOYMENT PLAN (SEP) https://www.irs.gov/retirement-plans/plan-sponsor/simplified-employee-pension-plan-sep TYPES OF RETIREMENT ACCOUNTS
- 9. HEALTH SAVINGS ACCOUNT (HSA) An HSA is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. https://www.healthcare.gov/glossary/health-savings-account-hsa/ TYPES OF RETIREMENT ACCOUNTS
- 10. EDUCATION SAVINGS ACCOUNT (ESA) A Coverdell education savings account (Coverdell ESA) is a trust or custodial account set up solely for paying qualified education expenses for the designated beneficiary of the account. https://www.irs.gov/taxtopics/tc310 TYPES OF RETIREMENT ACCOUNTS
- 11. INHERITED IRAs Inherited IRAs, both Traditional and Roth, can be quite complicated and dealing with the specifics are well beyond the scope of this presentation. https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-beneficiary TYPES OF RETIREMENT ACCOUNTS
- 12. TRADITIONAL IRA ROTH IRASEP HEALTH SAVINGS ACCOUNT (HAS) SOLO 401 (K) 401 (K)EDUCATIONAL SAVINGS ACCOUNT (ESA) INHERITED IRAS SDIRA TYPES OF RETIREMENT ACCOUNTS
Editor's Notes
- An HAS is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in an HSA to pay for deductibles, copayments, coinsurance, and some other expenses, you may be able to lower your overall health care costs. HSA funds generally may not be used to pay premiums. While you can use the funds in an HSA at any time to pay for qualified medical expenses, you may contribute to an HSA only if you have a High Deductible Health Plan (HDHP) — generally a health plan (including a Marketplace plan) that only covers preventive services before the deductible. For plan year 2020, the minimum deductible for an HDHP is $1,400 for an individual and $2,800 for a family. When you view plans in the Marketplace, you can see if they are "HSA-eligible.” For 2020, if you have an HDHP, you can contribute up to $3,550 for self-only coverage and up to $7,100 for family coverage into an HSA. HSA funds roll over year to year if you don't spend them. An HSA may earn interest or other earnings, which are not taxable.
- This benefit applies not only to qualified higher education expenses, but also to qualified elementary and secondary education expenses. Contributions are not tax deductible. Total contributions on behalf of a beneficiary in any year can't exceed $2,000.
- The important takeaway is if you find you have inherited an IRA, do not do anything with it until you consult with a licensed professional like Quest. HOWEVER, THERE ARE SOME GREAT STRATEGIES YOU CAN USE WITH AN INERHITED ROTH IRA. LOOK FOR AN UPCOMING SPECIFIC VIDEO ON THIS TOPIC AND HOW YOU CAN EXCELERATE YOUR RETIRTEMENT GROWTH TAX FREE.
- SUMMARY AND CTA TO KEEP MOVING THROUGH THE TOPICS……ETC.