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AVR Investment Advisory Service
www.advice4retirement.com
Retirement Plans, Investment
Management, Employee Benefits, Life & Disability Insurance |
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Which retirement
plan should you select?
For the business owner,
there are six primary tax deductible options to
consider for retirement: SEP IRA; Profit
Sharing/Money Purchase Pension Plan;
SIMPLE IRA/401(k); 401(k); Solo 401(k) and defined
benefit plans (pension plans). Defined Benefit
Plans are common but warrant
separate attention. In some
circumstances, tax-deductible contributions well
over $46,000 can be made.
For the individual,
the decision is much simpler. Individual
IRA’s, Roth IRA’s and Rollover IRA’s to defer taxes
from employer retirement plan distributions are the
most popular options. For 2008, the maximum
IRA (Individual & Roth) contribution is $5,000 with
an additional $1000 for those age 50 or older.
Availability of the Roth IRA and tax deductibility
of the individual IRA may be limited by your income.
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Retirement Plan Limits on
Contributions |
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2007
limits |
2008
limits |
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IRA, traditional and Roth |
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Under age 50 |
$4,000 |
$5,000 |
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Age 50 or older |
$5,000 |
$6,000 |
Deferred contribution plans
e.g., 401(k), 403(b) and 457 plans |
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Under age 50 |
$15,500 |
$15,500 |
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Age 50 or older |
$20,500 |
$20,500 |
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SIMPLE plans |
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Under age 50 |
$10,500 |
$10,500 |
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Age 50 or older |
$13,000 |
$13,000 |
Defined Contribution Plan Limits
e.g., 401(k), 403(b) and 457 plans |
46,000 |
45,000 |
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Annual Compensation Limits |
230,000 |
225,000 |
By clicking on one of the
providers below, you are leaving the AVR website and
going to their participant log in page. If you
are a client and you experience difficulty accessing
your retirement plan, please contact Van Richards at
713-320-6124 or email
van@advice4retirement.com
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Securities offered through
Triad
Advisors, Inc.
Member FINRA, SIPC |
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| Copyright © 2006 AVR Investment Advisory
Service All Rights
Reserved. |
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