It is our commitment to keep you engaged and informed throughout this process!
— 64% of Americans will retire with $10,000 or less in their retirement accounts. While that might sound like a significant amount now, it’s not nearly enough to live on once you stop working.
Frequently Asked Questions:
Do I need a retirement plan if I own a business?
Yes, everyone should be contributing to an employer sponsored retirement plan. Assuming the sale of your business is going to be your retirement plan, is leaving all your eggs in one basket and very risky. There are a lot of tax advantages for a business owner to maintain a retirement plan for themselves and their employees.
Should I open a Simple 401(k) Plan or a 401(k) Safe Harbor Plan?
Both are great options, the main differences between the two plans are the IRS funding limits, and the type of money you can put into the plans. For example, a Simple Plan only allows Pre-Tax Deferrals, whereas a Traditional 401(k) Plan allows both Pre-Tax Deductions and Roth Deductions. Its best to have a conversion with someone at Brixey & Meyer to help you to better understand your options. The wrong decision can leave a lot of money on the table.
When is it time to change from a SEP IRA or a Simple Plan to establish a 401(k) Plan?
You will want to consider moving away from a SEP IRA Plan if you are hiring employees, most times it is no longer the best plan design available. You will want to consider moving from a Simple Plan to a Traditional 401(k) or Safe Harbor Plan when you or your employees would like to fully fund annual IRS 401(k) deduction limits. The different funding limits can be very substantial.
“The team at Brixey and Meyer has been amazing to work with. Relationship is key and we very much value the one we have built together.”
CFO | Field Aerospace
"All levels of interaction and client service at Brixey & Meyer have been timely, responsive and pleasant. Enjoy working with the team very much."
BCVA | Partner
"Brixey & Meyer is a trusted advisor and partner to my company, providing support ranging from 401(k) management to strategic investments. The team has a no-nonsense approach that gives us the data we need to remain compliant and to make sure we are effectively using our financial resources. Brixey & Meyer is proactive, making sure we are on top of regulatory issues that affect our business. For a small business, having the kind of expertise that Doug and his team provides to us is invaluable."
Macalogic | CEO
Our Retirement Plan Administration Leader, Jill Proud, can help! Email her here.