RETIREMENT PLAN CONSIDERATIONS are something every small business owner should think about. Do you have a strategic plan? Don’t expect social security to save you.
Issues to consider when developing a retirement plan for you and your employees.
TUTOR:
Independent Advisory Firm
based insurance brokerage
based securities brokerage
ADMINISTRATOR/SERVICE PROVIDER PLAN:
third party administrator
Insurance company
mutual fund company
Stock Brokerage Company
TRUSTEE OR CUSTODIAN:
Insurance company
mutual fund company
Stock Brokerage Company
self confident
PLAN TYPE:
GONNA
Roth IRA
Simplified Employee Pension Plan – (SEP)
IRA Employee Savings Incentive Matching Plan – (SINGLE IRA)
Employee Savings Incentive Matching Plan 401(k) – (SINGLE 401(k))
401(k) plan
Money Purchase Pension Plan
Profit Sharing Pension Plan
403(b) plan
target benefit plan
Defined Benefit Pension Plan
OTHER PLAN CONSIDERATIONS:
Suitability
Plan Characteristics (Including Cost, Establishment and Maintenance)
Plan Contribution Limits
Constitution and contribution deadlines
Eligibility Requirements
investment options
As a small business person, you may eventually sell your business, perhaps for a large sum, but with inflation and the cost of living, will that be enough? People live longer, so if you think you’ll work until you’re 60 or 70 and then sell your business, you may need enough money to live another forty years or more. The average life expectancy for a person aged 30 to 40 is 110 years. That’s without considering any new breakthroughs through miracle drugs, which scientists say are definitely on the way.
Currently we see the political tug of war as to what to do with social security. Do you have a plan? Are you willing to take that risk?