How to Plan for Your Financial Future

A retirement plan. You know you need one, but the options can be overwhelming and confusing. Here are some tips to help get you going, whether you’re looking out for your financial future, your employees’, or both.

Start by assessing your specific goals and limitations. What do you want to accomplish personally? And what can you afford in terms of money and manpower? Once you know what your own needs and parameters are in relation to retirement, you’ll be able to determine what, if anything, you can offer your employees. Given the number and type of retirement plans available [see information below], though, you’ll probably find that the costs of establishing and administering a plan are less than you think.

Joyce Morningstar, senior wealth manager at Dynamic Wealth Advisors in Scottsdale, Ariz., suggests these steps for moving forward.

• Research your options. The websites of the Internal Revenue Service and the Department of Labor’s Employee Benefits Security Administration are helpful in answering common questions as well as in providing links to publications such as “Taking the Mystery Out of Retirement Planning” and “Choosing a Retirement Solution for Your Small Business” .

• Define your personal and business goals; make sure they’re compatible with plans you’re considering. Then narrow the options by asking yourself: How consistent is company profitability? How much can I afford? Does the plan that works for my employees also work for me or do I need a separate plan? What manpower and tools are necessary to manage the plan? Who will be eligible?

• Consult a qualified expert to help you select the best plan as well as explain your ongoing responsibilities and how the plan will operate.

In the end, Morningstar says to select a plan that allows you to make meaningful contributions and protects money from creditors and/or business failure.

After enacting a plan, “reassess every two to four years to ensure the plan still matches the needs of your business and participants,” she adds. S

 

 

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Credits: Jill Becker
Source: https://www.success.com

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