What is the Best Type of Pension Plans?
The choice of what type of plan to use is an individual one. At Planning Needs Financial Group, we work with our individual clients to develop a plan that is right for their unique needs by taking into consideration the different factors that influence the plan selection such as employer goals and available cash flow.
When it comes to retirement plans there are two principal types of plans:
• Defined Benefit – plans specify the dollar amount each participant will receive at retirement age and
estimate how much must be contributed each year to accumulate the necessary future fund.
• Defined Contribution – plans generally put a percentage of current salaries into the plan each year.
The amount at retirement will depend on the investment return and the number of years until a
Both of these plans are Qualified Retirement plans that provides several major tax benefits.
At Planning Needs Financial Group, our skilled and experience financial planners
will work with you to find the best plan that suits the needs and goals of your business,
contact us today for a free consultation.
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