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Everyone needs to have a retirement plan. A retirement plan helps to ensure the financial security of an individual once they reach the age of retirement. While general retirement plans, such as 401(k)s and IRAs are suitable for general employees, due to contribution limitations and substantial income taxes, high wage earners at your company may not be able to set aside enough money in traditional plans. With the inability to contribute a meaningful percentage of salary, executives often require a more sophisticated approach to planning for their retirement needs. This is where retirement planning for executive benefits comes into play.
An executive benefits retirement plan helps to ensure that a company’s most crucial employees are well taken care of during retirement. If you own a business on Long Island or the tri-state area, you should certainly consider offering an executive benefits retirement plan. When setting up such a plan, rely on the help of experienced professionals. The staff at Investment Insight Wealth Management offers dynamic executive benefits retirement planning.
Interested in learning more about executive benefits retirement planning? Please continue reading to learn more.
An executive benefits retirement plan is a more in-depth retirement plan. These plans offer more benefits than traditional retirement plans, such as a 401 (k). These retirement plans are offered to the executives and other crucial employees of a company and allow them to defer compensation to a later date. These more in-depth retirement plans help to ensure these key players can maintain their style of living even when they are retired. Traditional retirement plans are funded by both the employee and the employer. The employer completely funds executive benefit retirement plans.
It can be difficult to determine what type of executive benefits retirement plan should be offered. There are many different benefits that these plans can provide. There are also many different variables involved in the plan design. Executive benefits retirement planning makes the process of creating such a plan much easier. A professional retirement planner will assess your company and its objectives in setting up such a plan. Then it would be determined which type of benefits package will suit your key employees. The planner will also help you decide how to fund this type of benefits package. Generally speaking, this type of planning takes the guess work out of creating an executive benefits retirement plan.
A retirement plan is one of the most important things that a company can offer its employees. It helps to provide employees with stability and security. It also helps attract and maintain a high quality staff. The same can be said for executive benefits retirement planning. This planning will help attract and retain the high quality, key players that are responsible for the company’s success.
Are you interested in setting up an executive benefits retirement plan for the key players in your company? Is your business located on Long Island, or the tri-state area? If so, contact Investment Insight Wealth Management. Their exceptional executive benefits retirement planning will help to ensure the satisfaction of your executives and the success of your business.
Deferred Compensation Plans
A deferred compensation plan is an agreement between a company and its employees in which a part of the employees earning is deferred for payment a future time.