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Planning for the retirements doesn’t end when you retire


Our Company does Fully Tax Deductable Retirement Planning and Life Insurance.

Envision Your Retirement: To get anywhere in life and achieve success, you need a vision of success. Start by envisioning what you see as a successful and financially secure future in retirement. By adopting this technique, you can set goals and realize that the future you want is achievable. Do you want to have financial independence? What does that look like for you? Does that mean you will live independently or with family? Do you want to travel or would you prefer to stay in your community? Any retirement plan starts with setting your own goals and envisioning your desired outcomes.


Breaking down Pension Plan.

There are two main types of pension plans.

In fully tax deductable defined-benefit plan, the employer guarantees that the employee receives a definite amount of benefit upon retirement, regardless of the performance of the underlying investment pool. The employer is liable for a specific flow of pension payments to the retiree (the dollar amount is determined by a formula, usually based on earnings and years of service), and if the assets in the pension plan are not sufficient to pay the benefits, the company is liable for the remainder of the payment. American employer-sponsored pension plans date from the 1870s, and at their height, in the 1980s, they covered nearly half of all private sector workers. About 90% of public employees, and roughly 10% of private employees, in the U.S are covered by a defined-benefit plan today.

In a defined-contribution plan, the employer makes specific plan contributions for the worker, usually matching to varying degrees the contributions made by the employees. The final benefit received by the employee depends on the plan's investment performance: The company’s liability to pay a specific benefit ends when the contributions are made. Because this is much less expensive than the traditional pension, when the company is on the hook for whatever the fund can't generate, a growing number of private companies are moving to this type of plan and ending defined-benefit plans. The best-known defined-contribution plan is the 401(k), and its equivalent for non-profits' workers, the 403(b).

In common parlance, "pension plan" often means the more traditional defined-benefit plan, with a set payout, funded and controlled entirely by the employer.

Some companies offer both types of plans. They even allow employees to roll over 401(k) balances into their defined-benefit plans.

There is another variation, the pay-as-you-go pension plan. Set up by the employer, these tend to be wholly funded by the employee, who can opt for salary deductions or lump sum contributions (which are generally not permitted on 401(k) plans). Otherwise, they similarly to 401(k) plans, except that they usually offer no company match.

There is more to it.


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Contact Network Solution & Tax Consulting Inc., to learn why so many businesses and individuals have trusted us to handle their representation before the IRS. For more information on our IRS Representation services, please contact at:

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Our Team of Tax Professionals is ready to take your case and do everything legally right for you and your company.

 

About us

Network Solution and Tax Consulting offers a comprehensive set of tax-related services. When dealing with this service, you only work with IRS enrolled agent, who can speak directly about the IRS Rules and Regulations and how it applies to your case.

When working with its clients, Network Solution follows a basic four-step process.


Network Solution and Tax Consulting Inc. 

105-16 Jamaica Ave, Richmond Hill, NY 11418

Tel: 347-561-9837

Fax: 206-984-3799

bigtaxmoney@yahoo.com