Retirement Planning

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"Superior Planning Brings the Future into the Present."… Mike Vance

Please contact me for a 30-minute free consultation/personal financial advice via Zoom.

Regency Financial Group
2855 Piedmont Ave.
La Crescenta, CA 91214
Tel: (818) 330 9610
Fax: (818) 369 7246
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 I don't sell; I serve - Vahick A. Yedgarian

Retirement Doesn't Come with an Owner's Manual

The route to retirement security is the right retirement plan. We’ll help you along the way!

Types of Retirement Plans

https://www.irs.gov/retirement-plans/plan-sponsor/types-of-retirement-plans

Rollover Chart

https://www.irs.gov/pub/irs-tege/rollover_chart.pdf

Borrowing/Loans - Retirement Plans FAQs regarding Loans

https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-loans

Retirement Plan and IRA Required Minimum Distributions FAQs

https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-required-minimum-distributions

Required Minimum Distributions for IRA Beneficiaries

https://www.irs.gov/retirement-plans/required-minimum-distributions-for-ira-beneficiaries

Did You Know...

https://www.irs.gov/retirement-plans/plan-sponsor/lots-of-benefits-when-you-set-up-an-employee-retirement-plan

  • that retirement can last for 30 years or more?
  • you might need up to 80% of your current annual income to retire comfortably?
  • the average monthly benefit paid by the Social Security Administration is $1,200?

Why should you set up a retirement plan, and what are some of the benefits?

A retirement plan has lots of benefits for you, your business and your employees. Retirement plans allow you to invest now for financial security when you and your employees retire. As a bonus, you and your employees get significant tax advantages and other incentives.

Business benefits

  • Employer contributions are tax-deductible.
  • Assets in the plan grow tax-free.
  • Flexible plan options are available.
  • Tax credits and other incentives for starting a plan may reduce costs.
  • A retirement plan can attract and retain better employees, reducing new employee training costs.

Employee benefits

  • Employee contributions can reduce current taxable income.
  • Contributions and investment gains are not taxed until distributed.
  • Contributions are easy to make through payroll deductions.
  • Compounding interest over time allows small regular contributions to grow to significant retirement savings.
  • Retirement assets can be carried from one employer to another.
  • Saver’s Credit is available.
  • Employee has an opportunity to improve financial security in retirement.

Future retirement savings value

Monthly Savings, 6%

5 Years

15 Years

20 Years

$50

$3,506

$14,614

$23,218

$200

$14,024

$58,456

   $92,870

 $500

  $35,059

 $146,136

 $232,176

What are the first steps to learning about and setting up a retirement plan?

A good place to start is by contacting a tax professional familiar with retirement plans or a financial institution that offers retirement plans. Helpful reading materials and IRS websites are listed at the end of this page.

What are the stages of sponsoring a retirement plan?

Sponsoring a retirement plan has four stages: Choosing, Establishing, Operating, and Terminating the plan.

Choosing

You begin by:

  • thinking ahead toward retirement in general; and
  • learning about the specific ways that money can be put aside for your and your employees’ retirement, including types of tax-qualified retirement plans.

Establishing

You take the necessary steps to put your plan in place. Depending on the type of plan you choose, the administrative steps may include:

  • adopting a written plan;
  • arranging a fund for the plan’s assets;
  • notifying eligible employees about the terms of the plan; and
  • developing a recordkeeping system.

Operating

You want to operate your retirement plan so that the assets in the plan continue to grow and the tax-benefits of the plan are preserved. The ongoing steps you need to take to operate your plan may vary depending on the type of plan you establish. Your basic steps will include:

  • covering eligible employees;
  • making contributions;
  • keeping the plan up-to-date with retirement plan laws;
  • managing the plan assets;
  • providing information to employees participating in the plan; and
  • distributing benefits.

Terminating

When your plan no longer suits your business, you will close out the plan and notify the appropriate parties.

You may want to discuss these four stages with a tax professional familiar with retirement plans or a financial institution that offers retirement plans.

What resources are available on retirement plans?

Source: irs.gov

https://www.irs.gov/retirement-plans/plan-sponsor/lots-of-benefits-when-you-set-up-an-employee-retirement-plan

To find out more about retirement planning services offered through RFG, contact us at (818) 330-9610 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

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