Confused between qualified and non-qualified plans? One of them is actually better! In this video, learn what a qualified plan really is and a better place for you to put your money instead. To your abundance! Doug Andrew Key Moments In This Episode ======================== 00:00 Intro & Summary 00:46 Qualified Plans 09:41 Your Real Partner 12:18 What You Want To Do What To Watch Next ======================== What Is The Truth About A 401(k) That No One Tells You? Did you love this video? Want to learn more wealth and life empowerment lessons from Doug? Here are some next steps! ======================== How to Diversify and Create the Foundation for a Tax-Free Retirement How to Lead Your Family/Business from “ME” to “WE” Visit Doug Andrew’s website: Music ======================== Song: LiQWYD - Glow (Vlog No Copyright Music) Music provided by Vlog No Copyright Music Video Link: ======================== Video by Nate Woodbury BeTheHeroStudios.com #DougAndrew #3DimensionalWealth #AbundantLiving...(read more)
LEARN MORE ABOUT: Qualified Retirement Plans
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A qualified plan is a retirement savings plan that offers tax advantages to both employers and employees. These plans are set up by employers to help employees set aside money for their retirement, encouraging long-term financial security. There are certain requirements that a plan must meet in order to be considered qualified and eligible for these tax benefits. One of the main advantages of a qualified plan is that contributions made by employees to the plan are made on a pre-tax basis. This means that the money is deducted from the employee's paycheck before taxes are calculated. As a result, employees can reduce their taxable income, potentially lowering their overall tax liability for the year. The contributions made to the plan grow tax-deferred, meaning that no taxes are owed on the accumulated earnings until the funds are withdrawn during retirement. Another significant advantage of qualified plans is that employers can make contributions on behalf of their employees. These contributions are also tax-deductible for the employer. Employers have the option to match a certain percentage of their employees' contributions, effectively increasing their retirement savings. This employer match helps incentivize employees to participate in the qualified plan and take advantage of the benefits it offers. Qualified plans come in various forms, including 401(k) plans, 403(b) plans for nonprofit organizations, and pension plans. Each type of plan has its own set of rules and regulations, but they all share the common goal of providing a vehicle for employees to save for retirement while enjoying tax advantages. In addition to the tax benefits, qualified plans often offer a range of investment options for participants. Employees can typically choose from a variety of stocks, bonds, mutual funds, and other investments to help their retirement savings grow over time. Some plans also provide the option to take out loans against the accumulated retirement savings, although this is subject to certain restrictions and comes with potential drawbacks. When an employee reaches retirement age and decides to withdraw funds from their qualified plan, the money is taxed as ordinary income. This means that the withdrawals are included in the employee's taxable income for that year. However, since most retirees have a lower income during retirement compared to their working years, they may find themselves in a lower tax bracket and potentially pay less in taxes. It is important to note that there are annual contribution limits for qualified plans, which are set by the Internal Revenue Service (IRS). These limits may be adjusted each year to account for inflation. Employers should ensure they comply with these limits to maintain the qualified status of their plan. In conclusion, a qualified plan is a retirement savings plan that offers tax advantages to both employers and employees. By participating in a qualified plan, employees can save for their retirement on a tax-deferred basis, potentially reducing their taxable income in the present while enjoying tax advantages in the future. Employers can also benefit by providing a valuable employee benefit and taking advantage of tax deductions for plan contributions. Overall, qualified plans play a vital role in helping individuals secure their financial future during retirement. https://inflationprotection.org/understanding-qualified-plans/?feed_id=121801&_unique_id=64c390c8d46bc #Inflation #Retirement #GoldIRA #Wealth #Investing #3DimensionalWealth #AbundantLiving #DougAndrew #WhatIsAQualifiedPlan #QualifiedRetirementPlan #3DimensionalWealth #AbundantLiving #DougAndrew #WhatIsAQualifiedPlan
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