Individual Retirement Plans

Individual Retirement Plans

A Simple IRA Plan

If you are a self-employed, small business owner (with 100 or fewer employees), and you are looking for a way to maximize retirement savings that allows both employers and employees to contribute to a tax-deferred plan, then a Simple IRA (Savings Individual Retirement Account) may be just what you are looking for.  


Similar to a traditional IRA, but a Simple IRA is true to its name as it is a simple plan for small business owners to set up and administer savings for themselves and their employees.  Just like with a 401(k), eligible employees can decide to make “elective deferrals”, meaning that employees can choose to save a certain percentage of their pre-tax income.  Then, the employer can contribute to the Simple IRA on behalf of each eligible employee.  

 

IRA (Individual Retirement Account)

If you are self-employed or work for a small business, chances are a retirement savings plan won’t be included in your benefits, but don’t worry, an Individual Retirement Account is a great way that we can help you save for retirement!

There are 2 Individual Retirement Accounts that we can offer you:

 A Traditional IRA allows you to contribute pre-tax money, meaning that every dollar you contribute reduces your taxable income for that year.  

 A Roth IRA allows you to withdraw your retirement funds, up to the amount contributed, without paying income tax on it.  This benefits those who expect to be in a higher tax bracket in retirement. The Roth IRA offers tax deferral on any earnings in the account. Withdrawals from the account may be tax free, as long as they are considered qualified. Limitations and restrictions may apply. Withdrawals prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Future tax laws can change at any time and may impact the benefits of Roth IRAs. Their tax treatment may change.          
 

Securities offered through LPL Financial, Member FINRA & SIPC. Investment Advice offered through Crescent Financial Group, LLC, a registered investment advisor and separate entity from LPL Financial.

Gary Deese is licensed to do business in the following states:  SC, NC, GA, CO (securites) and SC, NC, GA, FL (insurance).

Ryan Tripp is licensed to do business in the following states:  SC, NC, GA (securities and insurance).

 

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