Financial & Retirement Planning
Financial Planning in Southern California
Woori Accounting, Inc. has been responsible for the management and provision of advice regarding the personal financial planning affairs of individuals with a net worth of up to $100 million and an annual net income of up to $10 million. We are trained and experienced to advice individuals on how to understand their financial options and how to establish financial goals and objectives.
Financial planning includes an evaluation of the individual’s present situation, projected future situation, goals and objectives, and background environment. We can help high-net-worth/high-net-income individuals feel in control of their financial future through understanding and financial planning.
All of our staffs believe that creation and growth of wealth and protection of assets require careful and ongoing financial planning. We always give consideration to our clients’ financial planning needs when we prepare their annual tax returns and at other strategic times during the year. We maintain a network of financial professionals who support our personal financial planning program and who provide the utmost in service to our clients.
Woori Accounting, Inc.'s goal is to help you reach your financial goals and maintain financial independence through a comfortable retirement. We will work with your existing financial service providers, or if you like, we will introduce you to outside providers with whom we have a strategic relationship to ensure you are executing a well thought out and comprehensive financial plan that is specifically designed for your unique set of circumstances and needs. Whether you are developing an investment strategy or evaluating current investments, Woori Accounting, Inc. can ensure that your portfolio will take into account tax implications for an advantageous after-tax return. The path to retirement is a long one and we can help you to take the proper steps to reach your goals.
At Woori Accounting, Inc., our retirement planning strategy includes a thorough periodic review of your financial plan. We make sure that our clients have financial independence during their working years, all the way through retirement.
In many cases, an individual’s net worth comprises retirement accounts, including IRAs, annuities, 401(k)s, and various other accounts; pensions and Social Security are also included in the mix. With such a wide variety of accounts to keep track of, it’s essential to have someone on your side to help you with retirement planning, organize your assets, and provide you with sound advice.
Overall, beginning the retirement planning process as soon as possible will ensure that you are prepared for life beyond work. We know that our clients want an easy move into retirement once they’re ready, and we are here to advise clients through this major life change. Our clients want to spend more time pursuing their hobbies and passions, not worrying about how they will support themselves when they’re no longer working.
401K, Individual Retirement Account (IRA)
Small business retirement plans are big business. According to the Small Business Administration, there are more than 28 million small businesses in the United States. Amazingly, small businesses employ half the nation's private workforce and create on average 65% of net new jobs. As any successful small-business owner will attest, such accomplishments don't come without risk and hard work—but the rewards can be well worth it. And though income taxes and retirement plans aren't high on the list of what small business owners love most about self-employment, the Internal Revenue Code offers some very favorable tax rules designed to help self-employed individuals and their employees save for retirement.
Most of us are familiar with 401(k) plans and traditional IRAs. These accounts provide an up-front tax break and the ongoing benefit of tax-deferred compounding as we save for retirement. Here are some additional retirement accounts that provide the same tax advantages, available to smaller companies with fewer (if any) employees:
An Individual 401(k) offers benefits similar to a traditional 401(k), but requires less administration. These plans allow for contributions up to 25% of compensation (20% of net self-employment income for the owner) and an additional $18,000 salary deferral for 2015, to the maximum limit of $53,000 ($58,000 for those 50 or older, including a catch-up contribution of $5,500). An employer has to establish an Individual 401(k) before the end of the year but can make contributions by the tax-filing deadline, including extensions.
Financial Projections and Forecasts
There is no one can predict the future perfectly, but we can all benefit from planning for it. Woori Accounting, Inc. combines expertise and experience with a gained understanding of your business to produce financial projections that can help you manage your business plan and spending. Forecasting for the future is imperative to your company's success. We make it a point to keep current with market trends and updates so that your business can be prepared for what is to come. Depending on your needs, our work can range from top-level reports to detailed financial models.
A savings incentive match plan for employees—better known as a SIMPLE IRA—is easy to set up and might be a good choice if you have employees and want to let them make their own contributions. As the employer, you're required to make a small matching contribution of 1% to 3% of each employee's compensation, including your own. For 2015, eligible employees may contribute 100% of their income up to $12,500. Participants who are 50 or older can make an additional $3,000 "catch-up" contribution for 2015. A SIMPLE IRA must be in existence by October 1 of the year for which contributions are claimed. You have until the due date of the tax return plus extensions to deposit employer contributions.
SEP or QRP (Keogh)
With both of these types of plans, the employer makes the contributions, not the employee. SEP stands for simplified employee pension; with this arrangement, employers contribute to traditional IRAs (SEP-IRAs) set up for employees. A QRP is a qualified retirement plan for the self-employed, sometimes referred to as a Keogh plan. The tax-deductible contribution limits with SEPs and QRPs are potentially much higher than a SIMPLE IRA: 25% of employee compensation (20% of net self-employment income for the owner3) with a $53,000 limit for 2015. You can set up a SEP-IRA as late as the date the tax return is due (including extensions) for the year in which you claim the tax-deductible employer contribution. However, a QRP has to be in existence by December 31 of the year for which contributions are claimed, even though employer contributions themselves can be deposited as late as the due date (plus extensions) for that year's tax return.