Illinois Financial Advisors for Employer-Sponsored Retirement Plans

Wealth Advisors Helping Businesses Manage 401(k)s, 403(b)s, and IRAs in the Chicago Area

As people prepare for retirement, one of the most important priorities is achieving the financial means to support themselves comfortably throughout the rest of their lives. While a variety of retirement income strategies are possible, many employees rely significantly on assets from an employer-sponsored retirement plan as they work toward their retirement goals.

At Brookstone Wealth Strategies, we not only help individuals and families plan for retirement, we also help businesses manage the employer-sponsored plans that help to provide for their employees. If you are a business owner, we can help you decide on the best plan for your company's needs and implement it based on our knowledge accumulated through more than 30 years of wealth management experience.

Why Should Your Business Offer a Retirement Plan?

Perhaps the most important reason to offer an employer-sponsored retirement plan is to attract and retain quality employees who add value and contribute to the successful performance of your business. According to the United States Bureau of Labor Statistics, only about 75 percent of civilian and private industry employees nationwide have access to retirement benefits from their employer, and at small companies with fewer than 50 employees, the number is closer to 50 percent. As a small or medium-sized business, your retirement plan can set you apart from peers who are competing with you for talent, and it can also offer tax benefits for both you and your employees.

Retirement Plan Options for Employers

Several different types of retirement plans are available, and we will help you make the best choice for your business. Options include:

• 401(k)s: A 401(k) allows your employees to designate a percentage of each paycheck as a tax-deferred contribution to an investment portfolio that may include mutual funds, stocks, and other assets. You may also choose to match your employee's contributions, but this is not a requirement. Another similar option is a Roth 401(k), with the primary difference being that contributions are taxed, but withdrawals after age 59½ are tax-free.
• 403(b)s: If you operate a nonprofit organization, you may have the option of offering your employees a 403(b) plan. 403(b)s offer many of the same tax advantages as 401(k)s, though often with more limited investment options.
• SIMPLE IRAs: A Savings Incentive Match Plan for Employees (SIMPLE) IRA is an option if your business has 100 or fewer employees, and as the name suggests, it is often easier to establish and administer.
• SEP IRAs: If you own a small business or are self-employed, a simplified employee pension (SEP) IRA can be a good choice. It allows you to make tax-deductible contributions in an amount of your choosing, often with higher contribution limits than other kinds of employer-sponsored accounts.
• Individual 401(k)s: Also known as an SBO (small business owner) 401(k), this option is available if you and the company's other owners are the only employees eligible for the plan. It allows you to make similar tax-deferred contributions to a regular 401(k) to help fund your retirement.

Contact a Naperville, IL Wealth Advisor Today

Whether you are looking to start a new retirement plan for your employees or improve your current plan, we will help you find a strategy that works for your business. Contact us today at 630-741-4491 to learn more about our services. From our office in Warrenville, we work with businesses in Naperville, Wheaton, Downers Grove, Lombard, and throughout DuPage County, Kane County, Will County, the Chicago area, the state of Illinois, and the U.S.