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Small Business Owners: Take advantage of your retirement plan options
By Lawrence Frank | September 28, 2008
In every engagement, as AdviCoach business coaches, we work with our clients on their Income, Lifestyle, Wealth and Equity (ILWE) goals. As a result we find that many owners of closely-held, family-owned businesses are not aware of the options available to them. In fact, only 22% of small and mid-size businesses have set up retirement plans according to the National Small Business Association.
I recently discussed this with my friend and financial planner, Bill Moore, whose firm Executive Benefits Strategies works with business owners like me to take advantage of the flexibility of business ownership to fund and manage a retirement program. The common excuse: A tough economy often tempts small business owners to skimp on themselves, figuring they’ll make up savings later. The problem is, “later” often never comes.
There are a number of options available to business owners (SEP-IRA, SIMPLE IRA, Solo 401(K), Traditional 401(K), Defined Benefit Plans). Which one is best for you? It really depends upon your individual situation. Bill Moore has provided a very good primer on the options available to you. (Click here for a copy).
Topics: Money |