Small Business Retirement Planning

Owning a small business in New York City and the metropolitan area holds plenty of challenges. One of those challenges is planning for retirement. If you have employees, you need to determine a plan that helps them plan for retirement as well. From government bonds to Simple IRA and Simple 401(k) plans, there are a myriad of options, both with benefits and drawbacks. If you're a business owner in NY, NJ, CT, or on Long Island, you can talk to a retirement planning expert. The experts at The Pension Department can talk to you about available options as well as ensure your plans are compliant with federal laws.

Maximizing Tax Deductions and Benefits While Minimizing Costs

We want to help you reduce your plan's costs while maximize the benefits. There are many tax benefits when planning your retirement. You'll want to consider these benefits carefully when picking the right plan. It's also important to check all of your plan's documents for fees. When you talk to our retirement specialist, we can go over our fees in complete detail.

Minimizing Your Fees

We have several methods of minimizing your costs. If you already have plan documents, we allow you to save money by keeping them. We check for compliance with current laws and ensure they maintain compliance with newer regulations. We don't charge many of the common fees, such as takeover fees, installation fees, or deconversion fees. We don't want your business to lose money by using our services. We want to help your business bring in more money.

Maximizing Tax Deductions

The tax code is long and complicated, but we can show you simple steps to use it to your advantages. Depending on your annual contributions and planned age of retirement, we can help you determine if you want to contribute before taxes or after taxes. If you're planning on leaving the region, we can help you determine what taxes may be owed to CT, NY, NJ, or Long Island as well as the new state. While tax laws are subject to change, we work with the current regulations to provide the most benefits while staying in full compliance of the law.

Maximizing Benefits

The best plan for maximizing your benefits will vary based on expected retirement date and your level of tolerance for risk. If you have no tolerance for risk and are willing to accept low returns, your best choice may be a plan based on government bonds. If you have many years until retirement and are willing to take some chances, we'll help you pick a plan with possible higher returns. No two people are the same, and we'll work with you and your employees to plan for a retirement that is as unique as they are.

We want to be prepared for the future, whatever it may bring. That's why we have emergency planning and offices. Featuring independently run generators, phone lines, and computers, we can help you maximize your planning no matter the weather or government conditions. We want you to trust us with all of your retirement planning, and this is one of our methods of earning it.