A defined benefit plan, more commonly known as a pension plan, provides guaranteed retirement benefits to employees. Defined benefit plans are primarily funded by the employer, with...
Cash balance plans are defined benefit retirement savings plans that allow business owners to make large deductible contributions each year and build up deferred retirement savings....
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 11/04/2021
Divorce comes with a series of surging emotions and the last thing on people’s mind, most times is finances. However, you will make several decisions that might directly or indirectly...
Posted by Karen Munoz, EA on 09/09/2021
This is an employer-sponsored pension plan that offers qualified employees a guaranteed payment during retirement. This is an alternative to the defined contribution plan, which allows...
Being a self-employed, independent contractor, or working for a small business can seem like a dream. However, one downside is that you are unlikely to have access to a workplace pension...
The Internal Revenue Code is configured to offer numerous tax reductions to individuals and businesses. Even the IRS recognizes that you have to save money to live and manage your...
You should be considering withdrawing from your retirement savings if you are out of work and need income. Normally you have to pay a 10 percent early withdrawal penalty if you will...
Posted by Tim Thompson CPA PLLC on 07/16/2020
The thought of retiring can be a terrifying prospect. Think about it: it's practically decades of unemployment, assuming you don't work at all during this time, with a set...
Posted by Freddie Cook, CPA on 06/11/2020
In the year 2020, how much do you think you can save for retirement? The 401(k) contribution limits are up, traditional IRA contribution limits stay the same, and almost all the numbers...
Posted by Debi G Hill, CPA on 12/28/2019