Retirement Plan Information

Written by Jacey Harmon
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Retirement plan information is available from a variety of different sources, and plans are available in a variety of different options. It can be highly beneficial to sit down with an advisor and briefly discuss a few options available for retirement plans and where to find more retirement plan information.

If you are a business owner seeking to start a retirement plan, there are several options to choose from. Traditional and individual 401K plans, SEP IRAs and Keoghs are all used by businesses. Each account has separate rules and regulations that make choosing a plan rather complex. Do not underestimate how much an experienced financial advisor can help with understanding the different plans. Running a business is hard enough; it would be recommended getting help with choosing the right type of plan.

Traditional IRA and Roth IRA plans are designed for individuals to supplement employer sponsored retirement plans. In a nutshell, traditional IRAs are funded with pre-tax dollars while Roth IRAs are funded with taxed dollars. At retirement age, withdrawals from a traditional IRA are taxed as income while Roth IRA withdrawals are not taxed at all. Anybody can open an IRA account even if you participate in an employer sponsored plan.

Where can I Find Retirement Plan Information?

The IRS website is a great source for those seeking retirement plan information. The IRS has a variety of handbooks available that are full of detailed information. Financial advisors also have a bounty of retirement plan information available. Financial advisors are licensed and well educated when it come to retirement planning. A tax professional will be able to help you understand the special tax benefits involved with each plan.

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