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“Retirement is wonderful if you have two essentials — much to live on and much to live for.”
As you’re climbing the corporate ladder, you’ll be contributing to an employer-sponsored retirement plan. But often, if you’re a senior executive or otherwise a key employee, the amount you’re able to contribute to a qualified retirement plan, under ERISA and IRS rules, does not keep pace with your compensation. There contributions are limited, and as a percentage of salary that limit can be low.
Having a very high salary can mean that you can stash after-tax funds in a taxable account to be tapped in retirement, but the operative words there are “after-tax”. You’ll have to pay the taxes now, while you are working, and the tax liability may be a significant burden.
The Supplemental Executive Retirement Plan (SERP) can solve this dilemma. This is a non-qualified plan, so typical 401(k) restrictions don’t apply. It... ...
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