Planning for Retirement: What Retirees Fear and Do Not Understand



Saving for retirement is important. If you start saving early, save consistently, and monitor your investments, you hopefully will have accumulated enough savings for retirement.  But how much is really enough? A study in BMO Wealth Management, “The Aging Economy: Improving with Age,” found that many Americans have substantial concerns about their retirement years.  They fear that health and financial … Read More

Cash Balance Plans 101

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Cash Balance

There is a lot of interest in cash balance plans.  Both clients and their advisors have been asking us about cash balance plans. This article will discuss what a cash balance plan is and how it works. A cash balance plan is a type of defined benefit pension plan.  It is subject to the same minimum and maximum benefit and … Read More

Maximum Pension Limits for 2019

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Pension Limits

Each year, the IRS sets limits for pension plans. These limits are reviewed annually and adjusted for inflation. The following are some important limits in effect for 2019: Maximum compensation for plan purposes is $280,000 Maximum monthly benefit for defined benefit plans ages 62 to 65 is the lesser of 100% of compensation or $18,750 with an annual benefit $225,000 … Read More

Tax Cuts and Jobs Acts: The Impact of Section 199A

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For over 40 years, members of the RMC Group have been talking about the importance of planning for retirement. In addition, it has long been our opinion that a defined benefit pension plan is the best way to ensure a secure retirement. A DB plan enables an employer to maximize its contributions to a qualified retirement plan and to provide … Read More

401(k) Participation and Deferral Rates Rising

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401(k) participation

The number of small businesses that have adopted a defined contribution plan is growing significantly.  According to a recent study by Vanguard, both the number of plans and the number of plan participants has increased six-fold since 2013. In addition to increased coverage, many of the plans adopted by small businesses have new and exciting features that radically improve the … Read More

Great News for Insurance Agents; Pension Opportunity for Everyone Else

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insurance agent

Under the proposed regulations under Section 199A of the Internal Revenue Code, recently published by Treasury and the IRS, insurance agents may not be considered a “specified service trade or business”.  As a result, insurance agents may be eligible for the full 20% deduction available to pass-through entities. While this may be good news for you, many of your clients … Read More