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One of the most popular fringe benefits available to the small business owner or an employee is participation in a retirement plan. Over the past few years new products have been developed to give an employer great flexibility in providing this benefit to owners and employees. This is one of the industry’s fastest growing benefits and can be a great advantage for both employer and employee. We also offer opportunities for individuals to begin a retirement program or supplement a current program. We would like the opportunity to show you the products and services that are available and how you can use them to your benefit.
Self-Directed IRA – This is a retirement account established for the benefit of one person that offers tax deferral of the annual income earned, and for certain individuals who qualify, a tax deduction for all or part of the contribution. A self-directed IRA is an IRA where the account holder invests his or her IRA deposits outside the financial institution’s traditional line of products. Investments include stocks, bonds, mutual funds, annuities, etc.
SEP IRA – This retirement account is designed for small businesses or self-employed individuals to set up a retirement plan for themselves and all employees who meet the qualifications. The employers make tax-deductible contributions directly into the IRAs of all eligible employees. For the small business owner, this is an inexpensive tool to set aside retirement funds tax deferred.
Roth IRA – The Roth IRA is a nondeductible account that features tax savings and retirement security. After five years investment earnings are non-taxable. This account is very attractive to those who do not need a tax deduction but want to set money aside for retirement. Subject to IRS guidelines, deposits invested in a Roth, PLUS THEIR EARNINGS, can be withdrawn totally tax-free.
SIMPLE Plans – This is a tool that allows employees to make pre-tax contributions and receive matching employer contributions. All contributions, i.e. salary deferrals, matching funds and earnings, are tax deferred until withdrawn. This is a simplified form of a 401(k) plan that allows small business owners the opportunity to offer the benefit to their employees at less expense than a 401(k).
Profit Sharing Plans – A retirement plan by which employees receive, in addition to their wages, a share of the net profits of a business. This is a tax-deductible expense for the employer and is not taxed to the employee until it is withdrawn. This type of plan can be as complex or as simple as an employer needs it to be. 401(k) options can be added to allow employees the opportunity to set aside deferral money for their retirement.
For more information contact Debbie Martin, Vice President & Trust Officer at 1-800-899-7977 or email firstname.lastname@example.org
Trust Department investments can be market-related investments which are (1) NOT insured by the Federal Deposit Insurance Corporation ("FDIC"), any government agency, or any other deposit insurance program; (2) NOT deposits with obligations of, or guaranteed by First National Bank; (3) SUBJECT to investment risk, including possible loss of the principal amount invested.
How Much To Retire - This is a simple retirement calculator. It tells how much you will need to provide a certain income for a set number of years. Once you've modified the fields to fit your situation, press the button labeled "Calculate." Please Note - The calculated amount is an approximate value and may differ from the bank's final calculation.