Tax Savings Made Easy

TransGlobal retirement plan

  • Advantage
  • Tax Benefit
　　
Advantage for retirement plans

Employer Contributions: Contributions funded by the company for employee’s retirement plan. It is intended to help individuals save for their future retirement.

 

landing-img-checkTax Benefits

Many retirement plans offer tax benefits. Contributions made to these plans are often tax-deductible, which can reduce your taxable income and lower your tax bill.

 

landing-img-checkCompound Interest

When you contribute to a retirement plan, your money earns interest, and that interest can compound over time.

 

landing-img-checkEmployer Contributions

When you contribute to a retirement plan, your money earns interest, and that interest can compound over time.

 

landing-img-checkRetirement Income

Many employers offer retirement plans as part of their benefits package and may contribute to the plan on behalf of their employees.

 

landing-img-checkFinancial Security

Having a retirement plan in place can provide you with greater financial security in your retirement years.

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How to save tax from retirement plan?

There are several tax benefits associated with contributing to a retirement plan, such as a 401(k), IRA, or Roth IRA. These benefits can help you save for retirement while reducing your taxable income.

 

Employer Contributions: Contributions funded by the company for employee’s retirement plan. It is intended to help individuals save for their future retirement.

 

landing-img-checkTax-deferred growth

Contributions to traditional retirement plans are tax-deferred, meaning you don't pay taxes on the money you contribute until you withdraw it in retirement.

 

landing-img-checkTax deductions

Tax deductions: Retirement plans provide individuals to reduce their taxable income by contributing to qualified retirement accounts, thereby incentivizing, and rewarding saving for retirement.

 

landing-img-checkRoth IRA tax-free withdrawals

Contributions to Roth IRAs are made with after-tax dollars, so there is no immediate tax benefit. Earnings in the account are Tax-free.

 

landing-img-checkSaver's Credit

Low to moderate-income individuals who contribute to a retirement plan may be eligible for the Saver's Credit, which is a tax credit that can reduce their tax bill.

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The Process

  • Initial Inquiry
  • Proposal Review
  • TransGlobal Service Agreement
  • Plan Setup
  • 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.
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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.
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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.

 

* The fees will also need to be paid before the plan setup can begin.
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Plan setup

STEP 4

 

 

For plan setup” TransGlobal will apply a new EIN number to identify the pension plan trust. The client will need to review and sign the completed SS-4 form provided by TransGlobal.

 

After it has been completed, TransGlobal will send the client paperwork that needs to be signed. Some carriers will ask for the pension paperwork also known as the adoption agreement.
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Plan investments

STEP 6

 

 

The qualified money will need to be invested. The type of account will vary depending on the plan, participants, and owner. Due to limitations of qualified plans, please find an agent or TransGlobal team member to assist in the investment side.
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Solo 401k

Tax Saving made easy

 

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