Financial and Investment Expert Joseph M. Maas Publishes Second Book – 401(k) Insight: Getting to “Retired!”

Joseph M. Maas, CFA, CVA, ABAR, CM&AA, CFP®, ChFC, CLU®, MSFS, CCIM, a Principal and Investment Advisor with Seattle-based Synergy Financial Management, LLC, has published the second book in his Insight Series, 401(k) Insight: Getting to “Retired!” Active for over 23 years in the financial services and investment industries, Maas is an expert with helping business owners establish a 401(k) that benefits the company with reduced taxes, and increases retirement savings for both the owner and employees. John A. Flavin, a Certified Financial Planner, joins Mr. Maas as co-author. This 280-page, soft-cover book addresses two audiences. For the business owner, the book details the steps involved with creating a 401(k), guiding the owner with understanding the financial value of having a 401(k), the sponsor’s role and responsibilities, and familiarity with the RFP process when hiring the professionals who service the plan. For the employees, Maas and Flavin explain the value of this outstanding financial opportunity and describe how employees can use their 401(k) to build a retirement fund that creates a comfortable lifestyle for their elder years. Maas and Flavin use an in-depth case study of Linda Nelson, a fictional woman in her late 20s who is contemplating her financial future and retirement. The authors demonstrate how Linda can achieve her financial goals with careful planning, and model the decision-making process through Linda’s experience. Easy-to-follow charts and illustrations provide business owners with a step-by-step guide to starting a 401(k) plan, and employees with knowing how to take full advantage of this wonderful financial instrument for retirement saving and investing. 401(k) Insight: Getting to “Retired!” is the second book of...

401(k) plans: review, monitor and adjust

When you choose Synergy 401(k) to set up your 401(k) plan, you get more than just an objective financial advisor. You get a team of 401(k) experts that will help you grow and nurture your plan from Day 1 to ensure it meets your needs as the business owner, as well as the needs of your employees. Part of that process is reviewing, monitoring and adjusting your plan and its investments. To help you and your 401(k) plan participants stay on course, we review your goals and objectives with you annually. Does this plan still meet your needs? If not, we’ll recommend adjustments. We will hold quarterly investment review meetings to help you and your plan participants understand your investment choices and the results of those investments in our five-step process.           We are also available any time you or a plan participant has a question about the plan. We can explain everything from salary deferrals and contribution limits to investment performance and hardship withdrawals. To learn more about how a 401(k) plan can benefit your business, visit our Synergy401k.com site, give us a call at 206-386-5455 or send us an email. We enjoy sharing our expertise and helping business owners create healthy retirement plans that meet everyone’s...

401(k) Plan Alternatives for Large Companies

In our last post, we talked about 401(k) plan alternatives for small companies. Here we’ll discuss retirement plan options for larger companies. Except for the Keogh plan, larger companies can adopt all of the plans available to smaller companies, but there are nine additional options: Profit Sharing Plan: Employees receive a percentage of the company’s profits based on quarterly or annual earnings. Money Purchase Pension Plan: The company makes annual contributions to the employees’ pension accounts that are not related to the company’s profits. Age-weighted Profit-sharing Plan: This plan allows employers to make retirement contributions based on an employee’s age as well as their salary. New Comparability Plan: A new comparability plan creates classes of employees in a company, and permits the employer to maximize contributions for selected employees. Thrift/Savings Plan: A TSP is a retirement savings plan for employees and retirees of the federal government, in addition to members of uniformed service organizations such as the military, police, firefighters, EMTs and paramedics. Defined Benefit Plan: Employers can also establish a pension plan in which the employer deposits a specified monthly amount. Target Benefit Plan: With a plan of this type, contributions are based on retirement benefit projections; results are tied to the performance of the investments and are not guaranteed. Cash Balance Plan: The employer makes annual contributions to each individual’s account, and on retirement, the originally defined dollar amount is available to the retiree. The monetary value in the account may increase or diminish over the years, with the risk being borne by the employer. Employee’s Stock Ownership Plan (ESOP): This plan is for companies owned by...