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Whether you are an employer or an employee, a workplace retirement plan makes sense no matter how you look at it. For employers, a retirement plan provides value for your business and each person who participates in the plan. Both employers and employees can take advantage of tax benefits and have an easy way to save for their future. It's important to review your plan from time to time to make sure it is still meeting your needs.
If your employer provides a workplace retirement plan, you have a great opportunity before you. In fact, it's one of the easiest ways for you to save for your retirement, plus get added tax benefits before you retire.
The benefits from your workplace retirement plan can change over time. So a regular review of the available options can help ensure the plan still meets your needs. As a plan participant, you may want to review your contribution levels to ensure you are accelerating your personal retirement savings.
As you review your retirement plan, there are options that may add value for you:
Retirement plans offer significant tax advantages. Your company gets an immediate tax deduction for the amount it contributes to the plan each year, and those who participate in the plan benefit from the tax-deferred growth of their contributions. But a retirement plan provides other benefits for your business if you have employees or plan to recruit employees:
Providing for a secure retirement is one more way to build a strong business. As you analyze your business retirement plan, take steps to ensure it meets your business goals and the needs of the participants-even if that's only you.
It's important that your plan complements your business goals and helps provide you and any employees with a means to save for a secure retirement. Once your plan is in place, reassess it periodically as you analyze your business. For example, you may have grown faster than expected or acquired another business. You may be considering adding employees or moving into new markets. Perhaps changes in your personal life-a marriage, divorce, birth or death-have affected your business or retirement plans. So you may want to consider adjusting your plan to ensure it still matches your current business goals.
Remember You Are a Participant Too
Because you are also a plan participant in your business' retirement plan, you too may want to review your contribution levels and the mutual funds in your own portfolio to ensure you are accelerating your personal retirement savings.
IRS Circular 230 Disclosure: American Century Companies, Inc. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with American Century Companies, Inc. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.
This information is for educational purposes only and not intended as tax advice. Please consult your tax advisor for more detailed information or for advice regarding your individual situation.