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Favorite Quotes

Favorite Quotes

Benjamin Franklin“Human felicity is produced not so much by great pieces of good fortune, that seldom happen, as by little advantages that occur every day.” “The eyes of other people are the eyes that ruin us. If all but myself were blind, I should want neither fine...

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Defined Benefit Plans

Defined Benefit Plans

Defined Benefit Plans are typically the most complex and expensive plans to administer out of all the types we have discussed in this section. They are designed to provide a certain predetermined benefit to employees when they retire, like a pension plan. Annual...

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SIMPLE IRAs

SIMPLE IRAs

SIMPLE stands for “Savings Incentive Match Plan for Employees.” These are popular among small businesses with less than 100 employees because they provide many of the benefits of conventional retirement plans like 401(k)s, but are much simpler and less expensive to...

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Retirement Savings Accounts

Retirement Savings Accounts

In order to encourage people to take responsibility for their own retirement savings, the U.S. government has created several types of retirement accounts which provide significant tax benefits if you abide by the strict rules they have imposed on these accounts....

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Profit Sharing Plans

Profit Sharing Plans

This type of plan allows employers to make tax-deductible contributions at their full discretion, based on profitability for the year. They are very flexible and do not require any ongoing commitment from the employer, unlike most other plans. However, much like SEPs,...

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