Simple IRA Maspeth NY

Planning for retirement can be a simple process if you know what to do. There are many things you can invest in that will help you out in your golden years, such as IRA's, Simple IRA's, SEP's, and much more. Knowing what is best for you and your family is an important step to being financially secure.


1 . Local Companies

C. E. Scott Brewster
Brewster Financial Planning LLC

(646) 249-9880
618 Carroll Street, 3rd Floor
Brooklyn, NY
John Henry Low
Knickerbocker Advisors Inc.

(212) 717-8080
230 Park Avenue, Suite 456
New York, NY
Roman Franklin
Franklin Financial Planning, Inc.

866-653-9907
48 Wall Street (Financial District)
New York, NY
Lauren Locker
Locker Financial Services, LLC

(973) 256-2555
50 East Main Street, Ste 5
Little Falls, NJ
Darin Schnall
Schnall Advisory Services

(212) 967-6155
350 Fifth Avenue, Suite 3505
New York, NY
Lewis Altfest
Altfest Personal Wealth Management

(212) 406-0850
425 Park Avenue, 24th Floor
New York, NY
Stacy Francis
Francis Financial

(212) 374-9008
111 John Street, Suite 240
New York, NY
Gary Schatsky
IFC Personal Money Manager, Inc.

(212) 721-8713
98 Riverside Drive, 17th Floor
New York, NY
Victor Cannillo
Baron Financial Group, LLC

(866) FEE-ONLY (333-6659)
16-00 Route 208 South
Fair Lawn, NJ
Gary Schatsky
IFC Personal Money Manager, Inc.

(212) 721-8713
250 West 57th Street, Suite 1619
New York, NY
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2 . Retirement

The ultimate goal of working is to be able to comfortably retire later on in life. When you can actually retire is different for everyone. It is important to take the proper steps today to ensure a comfortable retirement tomorrow. There are many ways you can increase your retirement income to prepare you for your golden years. Deciding when to retire is a big decision, and one that will be different for all people. You may be retiring simply because you have reached the age when you can, or for health reasons, or for money reasons.

Knowing how much money you will need to retire is the first crucial step in retirement planning. To decide this, many questions need to be asked, and many areas of your life need to be examined. For instance, how many bills will you have after you retire? Is there a mortgage or car payment that will need to be paid? Will you be traveling? How much money can you comfortably live on? Once you have a rough estimate of how much money you will need, you can begin your retirement planning. It is never too early or too late to start planning for retirement age. There are many ways you can plan to start saving money today for a comfortable retirement tomorrow.

3 . Simple IRA

A Simple IRA is short for Savings Incentive Match Plan for Employees. This is a simplified plan that causes administrative costs to be lower than other more diversified plans. Those who have a Simple IRA plan, for example, employees and employers, can make contributions to traditional IRA's, which are subject to certain limitations. Simple IRA's may be started by smaller businesses that may not currently have a retirement plan.

There are ways you can start a Simple IRA. These include businesses with 100 or fewer employees working for them. To set one up, you can't have another retirement plan, and only need to complete a few forms. There are also many advantages to having a Simple IRA, which are not limited to the ease in which they can be set up. Administrative costs are low with simple IRAs; employees can contribute their money through payroll deductions. Employers can either match what the employee contributes individually, or contribute a fixed percentage to everyone.

One other main advantage of having a Simple IRA is that the employee is always 100% invested in their money, and can withdraw it at any time. A simple IRA is the ideal solution for someone just starting to plan his or her retirement.

4 . IRA

An IRA is an investing tool for those planning for their retirement. IRA stands for Individual Retirement Account. These are personal savings that provide income tax advantages, and may be a very important step for those planning for retirement. There are a few types of IRA's, and some of these are traditional IRA's, Roth IRA's, Simple IRA's, and SEP IRA's. Individual taxpayers set up their own traditional and Roth IRA's. They are then permitted to contribute 100% of compensation, all the way up to a maximum dollar amount that is pre set. These contributions to the traditional IRA's are possibly tax deductible, although this depends on the person's income, tax-filing status, and their employer's coverage. Unfortunately, Roth IRA contributions are not tax deductible.

Anyone is allowed to open and contribute to a traditional IRA. You and your spouse must have received taxable earned compensation during the year that you open it, and you must be younger than 70 and a half years old by the end of that year. If you open one as a married couple or as a couple, you must have filed a joint income tax return.

How much of your IRA contribution is deductible depends on what amount you earned in taxable compensation for that year.
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