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EAST STROUDSBURG, PA 18301

Retirement Planning Poconos

Wealth Planning Services

RETIREMENT PLANNING

Retirement planning services in the Poconos can help you decide on the best possible retirement structure for your business or corporation. As your trusted tax preparer, Weseloh Carney & Company LLC can help you navigate the difficult tax decisions you will face when considering retirement. We have retirement planning experience in areas such as Individual Retirement Accounts (IRAs), 401(k)s, Social Security, pensions, and annuities. Are you looking to fund a retirement plan individually or through your business? Do you know how your retirement income stream will be taxed? Our retirement consultants can help you make well-informed decisions and plan the next steps towards your future. The best time to start is now.

Wealth Planning

Retirement Planning For Businesses

Our retirement consultants provide retirement planning services geared toward small business owners and corporations. With so many different retirement plans and structures available, how do you know which is best for your particular company? Having an experienced retirement consultant by your side can ensure you choose the best type of retirement plan for your employees. We can help you understand the different tax regulations for each type of plan, as well as the differences between plan providers.

Retirement Planning For Yearly Customers

The retirement planning consultants at Weseloh Carney & Company LLC help yearly customers make the best possible decisions as they approach retirement. Are you choosing the right investments? Should you increase your contributions? How can you maximize your Social Security benefits? These are the types of questions that can make a profound difference in your retirement strategy. We can advise you with all your retirement needs.

What Are The Most Common Retirement Plans?

Some of the most common retirement plans include traditional IRAs, Roth IRAs, SIMPLE IRAs, SEP IRAs, 401(k)s, pensions, and annuities. Each one of these entities has specific regulations and requirements that need to be met. Some retirement plans, like traditional and Roth IRAs, are managed solely by the individual. Employer plans, like SIMPLE IRAs and 401(k)s, are offered exclusively to employees of the business that is sponsoring the plan. Our retirement consultants understand the nuances of each of these retirement structures. We can help you understand your options and discover the best possible choice to accomplish your retirement goals.

TYPES OF RETIREMENT PLANS

Individual Retirement Accounts (IRAs)

IRAs are individual retirement plans that you can open and manage yourself. There are two main types of IRAs: traditional IRAs and Roth IRAs. Unlike employer-sponsored plans, there is no match from your employer. IRAs have a set contribution limit per year and you can contribute up to the max, although you are not required to max out the account. IRAs typically offer more investment options than 401(k)s, but lower contribution limits.

SIMPLE IRAs

Although labeled an “IRA”, SIMPLE plans are very different from traditional and Roth IRAs. SIMPLE IRAs are considered employer-sponsored plans. Employers are required to make either a matching or a fixed contribution to employee accounts. Employees contribute to the plan through salary reduction contributions and can adjust their contribution percentage each year.

SEP IRAs

SEP IRAs are ideal for self-employed individuals or small businesses with few employees. The employer makes equal contributions for every employee under the SEP IRA. Contribution amounts are flexible and you can contribute varying amounts from year to year depending on your finances.

401(k)s

401(k)s are employer-sponsored retirement plans. There are numerous types of 401(k)s, including Traditional 401(k)s, Solo 401(k)s, SIMPLE 401(k)s, Roth 401(k)s, and Safe Harbor 401(k)s. For most 401(k)s, the employee can contribute up to a certain amount of income per year to the plan. Although not required in most cases, many employers offer to match employees’ contributions up to a certain percentage. 401(k)s usually offer higher annual contribution limits than IRAs, but less investment options.

Pensions

Pensions are retirement plans that require employers to contribute to a pool of funds that will be invested on the employee’s behalf. Some pensions also allow the employee to contribute a certain percentage of income to the plan. Once the employee retires, they have the choice of taking their pension as a lump sum or in steady payments throughout retirement.

Annuities

An annuity is considered a contract between you and the insurance company providing the annuity to you. There are many types of annuities with differing rules and regulations. Generally, annuities are either funded up-front in a lump sum payment or over time during your working years. They can then be used to produce a consistent stream of income later on in life.

How Do I Learn More About Your Retirement Planning Services?

Our retirement planning consultants at Weseloh Carney & Company LLC would be happy to speak with you in more detail regarding retirement planning. Please give us a call at 570-424-1040 or request a free consultation online.

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