Have you started thinking about retirement?

Do any of the following apply to you?

  • A fresh or impending college graduate
  • A young professional with an IRA or 401(k) plan
  • Someone over the age of 50 who wants to enjoy their later years
  • A person who likes to plan for the bigger picture

If your answer is yes, then now is the perfect time for you to start!

It’s never too early to consider your retirement options. The amount that you contribute to your 401K plan is not included in your taxable income, which is fantastic news for someone fresh out of college or just starting a savings account. The sooner you start saving for the future, the less you have to worry about later. And you’ll get to look forward to retirement for all the right reasons and have money waiting for you when you get there. You may even have enough to fall back on by the time you’re 50, or even 40 years old! It has been done before!

For those who are older, it’s not too late! There are ways for you to save up before you plan to retire. All it takes is time to know what your options are. Where there is a will, there is a way. And we will gladly help you find your best route towards saving!

Contact one of our representatives to help you get going, no matter what your starting point!


Understanding Pension and Retirement Plans can be daunting, particularly when it comes to the many details involved. However, when explained in simple terms, you can easily understand the basics about these plans. To assist with your understanding of the basics, below is a broad, simplified overview.

What is a 401(k) Plan?

A 401(k) plan, a type of defined contribution plan, is the most popular Employer-Sponsored Retirement Plan that is made available to employees through their employer. It is an easy way for setting money aside. 401(k) plans provide an individual account for each participating employee, and allows contributions from their payroll through pre-tax deductions. An employee can choose a fund, or several funds, to contribute money into before government taxes are applied. Many employers also offer match programs, matching a certain percentage of your 401(k) contributions.

The employee is responsible for choosing how these contributions are invested. The value of your account depends on how much is contributed and how well the investments perform. At retirement, you receive the balance in your account, reflecting the contributions, investment gains or losses, and any fees charged against your account. Taxes on the money in the fund(s) can be delayed until retirement when one’s income might be in a lower tax bracket. This allows allows saving on a pre-tax basis.

Other types of defined contribution plans are the SIMPLE IRA plan, SEP, employee stock ownership plan (ESOP), and profit sharing plan.

What is a Pension?

In a defined benefit plan, also known as a pension plan, the employer offers a definite amount upon one’s retirement in exchange for complete control over the investment decisions made with the money the employee contributes. Regardless of how well the investments work, the employer promises a constant and specific amount of monthly income to retired employees based on the amount contributed and the number of years spent working. Pension plans have a higher risk for the employers in terms of investment, and require greater loyalty from employees to work under their employer longer.


The difference between 401(k) plans and pensions plans is in the amount of risk and employee control.



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