Tax Savings Made Easy
Combo Plan

Advantage

Advantage
The idea behind a retirement combo plan is to take advantage of the different tax benefits and contribution limits of each account. For example, a traditional IRA allows for tax-deductible contributions, while a Roth IRA allows for tax-free withdrawals in retirement. A 401(k) plan allows for higher contribution limits and employer matching contributions.
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Diversification
The plan can help you manage risk and achieve your retirement goals.
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Tax Benefits
Each type of retirement account included in the plan has its own tax benefits.
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Higher Contribution Limits
The plan allows you to take advantage of the higher contribution limits of a 401(k) plan.
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Flexibility
Optimize your savings strategy by choosing how much to contribute to each account

TransGlobal retirement plan

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Traditional IRA
An individual must have earned income and be under the age of 70 ½.
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Roth IRA
An individual must have earned income and meet the income eligibility requirements.
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401(k) plan
An individual must be an employee of a company that offers the plan.
Contribution Limits
Each type of account included in the plan has its own contribution limits. Individuals must adhere to these limits when making contributions to the plan.
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Required Minimum Distributions
If the plan includes a traditional IRA or a 401(k) plan, individuals will be required to start taking required minimum distributions (RMDs) once they reach the age of 72.
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Investment Choices
Retirement combo plans can offer a wide range of investment choices, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs).
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Tax Implications
Each type of account included in the plan has its own tax implications, and it's important to understand how contributions and withdrawals will be taxed.
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The process

  • Initial inquiry
  • Proposal review
  • TransGlobal service agreement
  • Plan setup
  • Plan implementation
  • Plan investments
　　
Initial inquiry

STEP 1

 

 

Client or agent will complete the Pension Inquiry form or website application to provide information to TransGlobal. The information provided allows TransGlobal to generate a proposal with maximum contributions based on independent variables.

 

Start Inquiry 

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Proposal review

STEP 2

 

 

Agent and/or TransGlobal team member presents the proposal to the client to explain each contribution amount. The administration fee structure will also be reviewed here.

 

Start Inquiry 

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TransGlobal service agreement

STEP 3

 

 

Once the client understands the proposal and wishes to proceed to plan setup, the TransGlobal Service Agreement will need to be signed. This form details all direct fees charged to the client and explains TransGlobal's responsibilities as the plan administrator.

 

Start Inquiry 

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Plan setup

STEP 4

 

 

TransGlobal applied for plan documentation on behalf of the client's business. A new EIN number will need to be procured to identify the pension plan trust. The client will need to review and sign the completed SS-4 form provided by TransGlobal prior to submission.

 

Start Inquiry 

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Plan implementation

STEP 5

 

 

Once the plan documents are issued and received by TransGlobal, a TransGlobal team member will meet with the client to discuss the details and structure of the newly established pension trust. The client's signature will be required to approve the plan documents.

 

Start Inquiry 

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Plan investments

STEP 6

 

 

Finally, an account will need to be set up to receive the contributions for the pension plan. The type of account that will be opened may vary due to the client's profile. Due to the limitations of qualified plans, a TransGlobal team member may assist in recommending a suitable account.

 

Start Inquiry 

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Compare all plans for self-employed or small business owner
See the different between Solo 401k and Roth 401k to insure which plan is more work for you
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Solo 401k
Designed for self-employed individual
Higher annual Contribution Limits
Wide investment Option
Accurate Record keeping
Solo 401k
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Roth IRA
Designed for self-employed individual
Tax-free withdrawals
No required minimum distributions (RMDs)
No age limit
Roth IRA
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SEP
Easy to Set Up and Administer
High Contribution Limits
Tax Benefits
Flexibility
SEP
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Simple IRA
Easy to Set Up and Administer
Tax Benefits
Matching Contributions
Employee Contributions
Simple IRA

See all retirement plan

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Solo 401k

Tax Saving made easy

 

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