In this type of defined contribution plan, the employee can make contributions from his or her paycheck before taxes are taken out. The contributions go into a 401(k) account, with the employee often choosing the investments based on options provided under the plan.
In some plans, the employer also makes contributions, matching the employee’s contributions up to a certain percentage. SIMPLE and safe harbor 401(k) plans have additional employer contribution and vesting requirements.
A plan in which the employer makes contributions on a tax-favored basis to individual retirement accounts (IRAs) owned by the employees.
If certain conditions are met, the employer is not subject to the reporting and disclosure requirements of most retirement plans. Under a SEP, an IRA is set up by or for an employee to accept the employer’s contributions.
It is never too late to plan for retirement; however, the sooner planning starts, the more financially prepared you are likely to feel when the time arrives.
o Review expenses that will be, or are likely to be, incurred during your retirement and create a plan to eliminate any shortfall between income and expenses
o Identify the primary sources of retirement income that you have or should have and calculate the savings required for you to retire at a specific age and achieve your desired lifestyle
o Create strategies for preserving and growing retirement account balances and distribution amounts
o Recommend a diverse range of tax-efficient financial tools – IRAs, 401(k)s, investments and tax-sheltered opportunities – that are best suited to your age and retirement time frame.
Health and Benefits – R. David Bulen Insurance Team
Additional Languages Spoken: Spanish
What I like about Insurance: The relationships I have built over the years with my clients and markets. The fact that there is always something new to learn.
Mission Statement: To provide my clients with personalized and quality service each and every time they need assistance.
R. David Bulen Insurance
506 W. Graham Ave. Lake Elsinore, CA 92530
Suite 105 Commercial & Health & Benefits Insurance
Suite 102 Personal Lines Insurance
Mailing address is PO Box 115 Lake Elsinore, CA 92531
Business Hours: 8:00am-4:00pm M-F