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If you’re a business owner, you’re
always thinking about the days ahead. What can I do to boost sales in the
next year? What trends should I be watching? What’s the forecast for my
industry? But there’s one element of the future you might be overlooking:
your retirement plan.
Consider
these advantages of establishing a retirement plan for your business:
•
You’ll build resources for your retirement. You might sell your business
one day, but can you count on that to fund your retirement? By investing in a
retirement plan for many years, you can help accumulate the resources you will
need to enjoy life as a retiree.
•
You can help your business attract and retain employees. In a tight
labor market, you’ll want to employ all the advantages you can to attract and
keep good employees — and a retirement plan can help.
•
You can gain tax benefits. Your contributions to a retirement plan — on
behalf of yourself and your employees — can be tax deductible. Plus, you can
get tax credits for starting a new plan.
Here
are some retirement plans to consider:
• Owner-only 401(k) — This plan is
available to self-employed individuals and business owners with no full-time
employees other than themselves or a spouse. You may even be able to choose a
Roth option for your 401(k), which allows you to make after-tax contributions
that can grow tax free. In 2024,
the combined employee and employer contribution limit was $69,000, or $76,500
for those 50 or older. These limits are likely to rise in 2025.
• Personal
defined benefit plan
— You
can establish a pension plan, also known as a defined benefit plan, for
yourself if you’re self-employed or own your own business. For 2024, the annual
defined pension benefit for a business owner cannot exceed the lesser of
$275,000 or 100% of their average compensation for the previous three highest
consecutive calendar years.
• SEP IRA — If you have just a few employees or are self-employed
with no employees, you may want to consider
an SEP IRA. In 2024, your contribution limit was 25% of your salary or $69,000,
whichever was less. The percentage of your salary you contribute to your SEP
IRA is the same percentage of your eligible employees’ salaries you must
contribute to their SEP IRAs.
• SIMPLE IRA — A SIMPLE IRA is easy to set up and maintain, but while
it may be advantageous for your employees, it’s less generous to you, in terms
of allowable contributions, than an owner-only 401(k) or a SEP-IRA. In 2024,
you could contribute up to $16,000 to a SIMPLE IRA, or $19,500 if you are 50 or
older. You must put in 2% of your employees’ salaries, regardless of whether
they contribute, or match their contributions dollar for dollar, up to 3% of
their salaries.
And
keep this in mind: The SECURE 2.0 legislation has made it possible
for you to offer a Roth version of a SEP or SIMPLE IRA. Although contributions
to either Roth account are not deductible, earnings and withdrawals are tax free,
provided you (and your employees) are at least 59½ and have had your account at
least five years.
To learn more about these and other
business retirement plans, you might want to contact a financial professional.
But don’t wait too long — the sooner you start preparing for your retirement —
and helping your employees plan for theirs — the better.
Chad Choate III, AAMS
828 3rd Avenue West
Bradenton, FL 34205
941-462-2445
chad.chaote@edwardjones.com
This article was written by Edward
Jones for use by your local Edward Jones Financial Advisor.
UPDATED MEDRIDE LICENSURE An improvement to our ambulatory service area!As we reflect over the past year, our company has been working diligently to better serve the needs of our clients with operations in the Denver area. This year we were approved by the Colorado Public Utilities Commission (PUC) to accept Ambulatory Private Pay trips in Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, Jefferson, Larimer, Park, and Weld Counties:In any of the white-outlined counties shown above, we are now able to provide Ambulatory Private Pay transportation to and from medical appointments and services, and collect payment via credit card, debit card, or HSA. MedRide also offers Wheelchair Private Pay throughout the entire state of Colorado.If you or your clients need Private Pay NEMT, please reach out to our MedRide Private Pay line at: 719-867-5474. Our Customer Service Team will be happy to help you!Looking Ahead to 2025As we move into the new year, we are excited to continue expanding our coverage area and services. Here is a sneak peek at some of the other initiatives we have in store:Advocacy for Better Access - We are working closely with state legislators at HCPF and the Governor's office in an effort to make transportation options easier and more accessible for clients across Colorado.More Vehicles & Employees - MedRide is adding to our fleet to ensure that we are always ready to serve your transportation needs.An Updated Website Coming Soon - Look out for our updated website, which is being finalized to improve your experience with better navigation and resources.Ongoing Service Enhancements - We will continue to invest back into our services to provide You and Your Clients with the highest level of care possible.
Why Brain Health Is EssentialBrain health impacts every aspect of our lives. A healthy brain ensures: Sharp Cognitive Function: Supporting learning, problem-solving, and decision-making. Resilient Memory: Helping us retain and recall important information. Emotional Stability: Allowing us to navigate challenges and maintain mental well-being. Physical Coordination: Facilitating essential tasks like walking, speaking, and balance. Neglecting brain health can lead to difficulties in daily life, including forgetfulness, confusion, or susceptibility to neurological disorders such as Alzheimers or dementia. Lifestyle Habits to Promote Brain Health Physical Activity Exercise increases blood flow to the brain, delivering oxygen and essential nutrients. Regular activities like walking, cycling, or yoga can improve memory and reduce the risk of cognitive decline. Brain-Boosting Nutrition A balanced diet rich in certain nutrients is critical for brain health: Fatty Fish: Rich in omega-3 fatty acids, essential for brain cell health. Colorful Fruits and Vegetables: Packed with antioxidants that combat oxidative stress. Whole Grains: Provide steady energy for optimal brain performance. Nuts and Seeds: Offer healthy fats and vitamin E to support cognitive function. Cognitive Stimulation Keep your brain active with activities that challenge its capacity, such as: Learning a new language or skill. Solving puzzles, crosswords, or playing chess. Engaging in creative hobbies like painting or music. Quality Sleep Sleep is vital for memory consolidation and mental clarity. Aim for 79 hours of sleep each night, and maintain a regular sleep schedule to support overall brain health. Stress Management Chronic stress negatively affects the brain, shrinking areas responsible for memory and decision-making. Stress-reducing practices like meditation, deep breathing, and mindfulness can help maintain mental balance. Social Connections Strong social ties contribute to emotional well-being and cognitive longevity. Spend time with family, join clubs or groups, and maintain regular interactions with friends to stay mentally and socially engaged. Avoid Harmful Substances Limiting alcohol and avoiding tobacco products can protect the brain from long-term damage and cognitive decline. Preventing Cognitive DeclineWhile aging is inevitable, cognitive decline is not. Steps to reduce its risk include: Monitoring Health: Manage conditions like high blood pressure, diabetes, and cholesterol, as they can impact brain function. Mental Health Care: Address issues like anxiety or depression, which may impair cognition if left untreated. Regular Check-Ups: Work with healthcare providers to screen for early signs of neurological disorders. The Lifelong Benefits of LearningContinuing to learn throughout life keeps the brain adaptable and engaged. Whether its pursuing a hobby, attending workshops, or taking online courses, lifelong learning fosters new neural connections and helps preserve cognitive health.
1. Memory Care Assisted Living CommunitiesMemory care is a specialized form of assisted living that focuses on residents with memory-related challenges. These communities offer: Secured Environments: Prevent wandering and ensure safety. Trained Staff: Professionals experienced in dementia care. Structured Activities: Programs designed to promote cognitive function and social engagement. Memory care facilities are ideal for individuals who need daily assistance and a structured routine. 2. Skilled Nursing Facilities with Memory CareFor individuals requiring medical supervision in addition to memory care, skilled nursing facilities often provide: 24/7 Medical Assistance: Nurses and doctors available to manage complex health conditions. Specialized Therapies: Physical, occupational, and speech therapies tailored to residents with memory loss. Comprehensive Care Plans: Addressing both cognitive and physical health needs. These facilities cater to residents with advanced dementia or coexisting medical conditions. 4. Adult Day Care CentersAdult day care centers offering memory care services provide daytime support for individuals while allowing them to return home in the evening. Key benefits include: Respite for Family Caregivers: Time for caregivers to rest or focus on other responsibilities. Engaging Activities: Socialization opportunities, games, and exercises tailored to memory care needs. Professional Oversight: Ensuring safety and well-being during the day. This option is ideal for families who want to balance professional care with at-home living. 5. In-Home Memory Support ServiceFor those who prefer to remain in their own homes, memory support can be brought directly to the individual. In-home services may include: Caregiver Assistance: Help with daily tasks, such as bathing, dressing, and meal preparation. Cognitive Engagement: Memory exercises and stimulating activities provided by trained professionals. Safety Modifications: Recommendations for making the home safer for individuals with dementia. In-home support allows for familiar surroundings while ensuring proper care. 6. Community and Nonprofit OrganizationsMany local organizations and nonprofits offer memory support programs, including: Support Groups: Providing emotional and practical guidance for families and caregivers. Educational Workshops: Teaching coping strategies and care techniques. Day Programs: Offering structured activities for individuals with memory challenges. These services are often more affordable and widely accessible.
Experience and BackgroundI am a financial advisor in Bradenton, FL, and began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals.As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that.Whether you're planning for retirement, saving for college for children or grandchildren, or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service.But we're not alone. Thousands of people and advanced technology support our office so that we can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals.I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program.I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.
Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.
Hello, I'm Chad Choate a dedicated financial advisor in Bradenton, FL, I began my career with Edward Jones in 2017. As a financial advisor, I want to find out what's important to you and help you build personalized strategies to achieve your goals. As a lifelong Manatee County resident, I graduated from the University of South Florida and was a teacher in Manatee County before joining Edward Jones. My driving force is to change people's lives in a positive way, and what better place than my home to do that. Whether you're planning for retirement, saving for college for children or grandchildren or just trying to protect the financial future of the ones you care for the most, we can work together to develop specific strategies to help you achieve your goals. We will also monitor your progress to help make sure you stay on track or determine if any adjustments need to be made. Throughout it all, we're dedicated to providing you with top-notch client service. But we're not alone. Thousands of people and advanced technology support from our office can help ensure you receive the most current and comprehensive guidance. In addition, we welcome the opportunity to work with your attorney, accountant and other trusted professionals to deliver a comprehensive strategy that leverages everyone's expertise. Working together, we can help you develop a complete, tailored strategy to help you achieve your financial goals. I currently volunteer with the Manatee Hurricane football Broadcast and Booster Club, serve on my church's trustees council and have previously served as a leader in Young Life. I am a member of the Manatee Chamber of Commerce and an alumnus of their Leadership Manatee program. I have been married to my childhood sweetheart, Ashley, for 15 years and we have a son, Wesley, and daughter, Camryn. We enjoy watching our children play their sports and traveling as a family.