Have You Outgrown Your Retirement Vehicle?

Dennis Dlugosz, CPA shares his experience with retirement planning and offers sound advice:



Not long ago, I was like most Americans who start saving for retirement. My mindset was, “It is so far away- why worry now?” Now, working with businesses and individuals and witnessing my parents’ retirement, I can clearly see that starting early and knowing your options is the best advice to secure your future retirement.

We at Corrigan Krause work frequently with closely-held businesses; we know that our role as an advisor is to provide suggestions to our clients to protect their wealth and minimize outside risks. One of the many ways that we do this is by finding the correct retirement vehicle for companies and the owners.

It is not a one-size-fits-all comparison. There are many factors to take into account, such as age, cash flow, employee participation, and financial strength. There is, however, a normal progression that we see from most of our clients that own closely-held businesses. The diagram below shows that progression:


All of these plans have different rules and regulations under the IRS code that make each one unique. The one common thread is that it is a progression. The life cycle of your business should and your retirement plan should have matching progressions.

The two questions that you have to ask yourself as a business owner are, 1) “Where am I in the progression?” and 2) “Do I know the next step?” If your answer to either of the questions is unclear, I suggest you contact Corrigan Krause to discuss.