You still have time !
The problem with time is that you always think you have enough. And yet fall is already here, and the time for establishing a retirement plan for your business is ticking down to the deadline. Here are two plans with upcoming due dates.
The maximum contribution for SIMPLE plans in 2016 is $12,500, plus an extra $3,000 when you’re over age 50.
For 2016, the maximum contribution is $53,000.
Not sure which plan will suit your business? Contact us for a detailed comparison.
A research study conducted by a global management firm turned up interesting results: younger workers are more stressed about retirement savings than older workers. Overall, 70% of the study’s participants were stressed about retirement. The biggest concerns among all participants were running out of money during retirement, and paying for health care.
If these results mirror your own retirement outlook, the best stress-reliever is to create a written plan. To start, your plan doesn’t have to be overly detailed. What you’re aiming for initially is a general map of where you want to be financially when you retire. That will give you a focus point and help you develop your objectives. From there, you can review your current retirement savings and investigate what options are available to you, such as employer-funded retirement accounts and IRAs. Knowing your options will help you select a savings strategy.
Following a consistent plan tailored to your goals is the way to success. Contact us for help.