“Retirement plans are only for big corporations. My CPA said the only type of plan I can have is a SEP.”
Not so! Just about any kind of business can adopt a plan other than a SEP. We have set up all sorts of retirement plans for businesses having as few as only one employee.
“These plans are always so expensive.”
American National offers low-cost administration and handles all your plan needs in one place. Most plans are only $600 to set up and can cost as little as $420 for annual administration. They offer a variety of investment options depending on the plan and your objectives. You may qualify for a tax credit for setting up a plan and when you take into account the tax deduction you get for making plan contributions it may be costing you money by not having a plan!
“My income fluctuates from year to year. I don’t want to get locked into anything I can’t afford.”
Several plan designs allow for flexible funding from year to year. They can let you fund more in years when you need the deduction or less in years when you don’t (or can’t afford it). What does it hurt to look at the options available and make sure you aren’t missing out?
“I don’t want to make large contributions for my employees.”
Of course you can’t exclude your employees from a plan altogether but depending on your particular situation some plan design options can limit what must be given to employees. Some designs can skew contributions specifically to a particular group if you want to favor yourself or a group of key employees. We can look at the options for your situation and see what might work for you.
“These plans are too complicated and too much work.”
American National handles all of the plan set up and administration. They will explain everything to you about your plan so that you understand the benefits, the features, and your responsibilities. They are great at walking a client through the steps, answering any questions, and handling the complex details.
“I need to talk to my tax advisor/attorney about this. “
That is a good idea. American National actually encourages that your professional advisors be involved and they would be happy to get on the phone with us and answer any questions your advisor/accountant/attorney might have.