TYPES OF RETIREMENT PLANS
Helping You Plan for a Secure Future
At Fortunata Agency, we understand the importance of planning for a financially secure retirement. With so many retirement plan options available, choosing the right one can feel overwhelming. Our team is here to guide you through the process, helping you select a plan that aligns with your financial goals and future needs.
Whether you’re an individual saving for retirement, a small business owner looking to provide benefits to employees, or part of a larger organization, there’s a plan designed to suit your situation.
Types of Retirement Plans
Retirement plans in the United States offer a range of benefits and structures to help individuals and businesses prepare for the future. Here’s a breakdown of some common options:
Individual Retirement Arrangements (IRAs):
IRAs are personal accounts that allow individuals to save for retirement with tax advantages. They include:
- Traditional IRAs: Contributions may be tax-deductible, and earnings grow tax-deferred until withdrawal.
- Roth IRAs: Contributions are made with after-tax dollars, but qualified withdrawals are tax-free.
401(k) Plans:
Employer-sponsored plans that allow employees to save and invest a portion of their paycheck before taxes. Many employers offer contribution matching, enhancing the plan’s benefits.
403(b) Plans:
Designed for employees of public schools, nonprofit organizations, and certain tax-exempt entities, these plans work similarly to 401(k)s, providing tax-deferred growth on contributions.
Simplified Employee Pension (SEP) Plans:
SEP plans are ideal for self-employed individuals and small business owners. Contributions are tax-deductible, and the setup is straightforward, making it a cost-effective option.
Savings Incentive Match Plan for Employees (SIMPLE) IRAs:
SIMPLE IRAs are an excellent option for small businesses, allowing both employers and employees to contribute to retirement savings.
Defined Benefit Plans:
Traditional pension plans that promise a fixed monthly benefit in retirement based on salary and years of service.
Profit-Sharing Plans:
These plans allow employers to share company profits with employees, offering flexibility in contribution amounts and timing.
Why Retirement Planning Matters
Investing in a retirement plan not only helps secure your financial future but also offers significant tax advantages. Many plans provide tax-deferred growth or tax-free withdrawals, making them a smart choice for building wealth over time.
How Fortunata Agency Can Help
Choosing the right retirement plan can be complex, but our experienced team is here to simplify the process. We work with individuals and businesses across Florida to identify plans that suit your financial goals and ensure compliance with IRS regulations.
GET A QUOTE
READY TO REVIEW YOUR RETIREMENT PLAN?
Contact Fortunata Agency today to learn more about your options and start planning for a secure and comfortable retirement.