Re: Retirement

Posted by 2002sliverado on August 17, 2017 at 08:05:46 from (216.16.75.34):

In Reply to: Retirement posted by sparktrician on August 16, 2017 at 14:21:08:

I worked for a company some years ago and they had worked with a Certified Financial Advisor or Planner to set up a retirement plan. That is where I think you need to start, and probably have your accountant on the same page with this, too. I suspect it will take some time. If I remember correctly, that company I had worked for 22 years ago had the plan set up with IDS Financial Services and it was structured as an Individual Retirement Account. That plan required a minimum of $50 per month, which was matched dollar for dollar by the employer. We also had the option of going to $100, which was also matched dollar for dollar by the employer. When I left that company, my new employer had a retirement plan structured as a 401k plan, which also had minimum mandatory contributions from the employer with up to a maximum amount matched. I believe the minimum was 2.5 percent of gross earnings of the employee, matched up to that amount by the employer. The employee could contribute additional monies to that plan, too. I think the maximum may have been up to 14 percent, and I suspect that may have been the maximum allowed through the tax code. The company did also have a profit sharing provision with the employees, too, but that is an entirely different topic. A career move drastically changed my full time occupation and retirement funding about 15 years ago. IRA's and 401k plans are still in place, but there are now Roth forms of those plans available today. These are retirement plan tools that have their respective advantages over the traditional plans. I converted a traditional IRA to a Roth IRA a few years ago. I suspect with just you and 3 employees, this might be easier and simpler through the IRA structure versus a 401k plan. The firm you work with should be able to help you with this, in determining what might fit you, your company's, and your employee needs best. There will be management fees on these types of accounts. Including your employees in on this is also important, and I suspect the financial planner would also meet with you and your employees as a group to help in setting this up and providing information to make better decisions. I was pretty fortunate that I started contributing towards retirement when I managed to get settled into career after finishing my college education in 1989, and have had some good people to talk with through my various employers over most of my working years. In the past 15 years, I have been fortunate to work with a representative through a life insurance company, a couple representatives through my employer's menu of options on various insurance and retirement savings programs, as well as a certified financial advisor through Principal. Our needs change over time, particularly once we are married, then have children, career changes, and as we grow older, all recognized as life changing events. I commend you for at least looking into this sort of benefit for your employees. Not all businesses of your size are likely to take this sort of action. Good luck and I hope what I have shared is of some use to you.

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