Retirement Plan Considerations Cheat Sheet for Small Business

RETIREMENT PLAN CONSIDERATIONS are something every small business person needs to be thinking about. Do you have a strategic plan? Don't expect to have social security save you.

Topics to consider when developing a retirement plan for yourself and your employees.

ADVISOR:

Independent Advisory Firm
Insurance Brokerage Based
Securities Brokerage Based

PLAN ADMINISTRATOR/SERVICE PROVIDER:

Third Party Administrator
Insurance Company
Mutual Fund Company
Securities Brokerage Company

TRUSTEE OR CUSTODIAN:

Insurance Company
Mutual Fund Company
Securities Brokerage Company
Self-Trustee

TYPE OF PLAN:

IRA
Roth IRA
Simplified Employee Pension Plan - (SEP)
Savings Incentive Match Plan For Employees IRA - (SIMPLE IRA)
Savings Incentive Match Plan For Employees 401 (k) - (SIMPLE 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 Features (Including Cost, Establishment and Maintenance)
Plan Contribution Limits
Set Up 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 cost of living will it be enough? People are living longer, so if you think you will work until age 60 or 70 and then sell your business, you may need enough money to live for another forty or more years. The avearge life expectancy for a 30-40 year old is age 110. That is without considering any new break through miracle drugs, which scientists assure us are definitely on there way.

Currently we see the political tug of war as to what to do about social security. Do you have a plan? Are you willing to take that risk?

"Lance Winslow" - If you have innovative thoughts and unique perspectives, come think with Lance; www.WorldThinkTank.net/wttbbs

More resources:

RELATED ARTICLES

It Must Be Joe Cockers Market
Agonizing displays of poor theatrics failed to entertain my mind one recent Saturday evening. I scrolled across several television channels hoping for an engaging program.

Quit and Retire Three Years Earlier!
For most people, there is a direct correlation between how worried they are about retirement income, and how much they can actually do about it. This is because the more worried you are, the closer you probably are to retirement, and the less time you have to do anything - like save up.

Investment Rowing
You have rowed a boat at some time haven't you? Yes, put the oars in the water and pull. Of course, you don't know where you are going because you are sitting backwards.

The American Age of Inflation is Over
"The American Age of Inflation is finished." So says economist Robert Samuelson in his December 2nd Washington Post column.

Secret Stock Options Trading Strategies the Experts Don`t Want You to Know
To understand stock options, we need to look at Webster’s Dictionary’s definition of the word strategy.Webster’s Dictionary defines the term strategy as1.

It's Never too Early to Start Investing!
Remember the old saying, "never too late to start"? Well, try this on for size: when it comes to investing, it's never too early to start. Time really is of the essence here.

Asset Allocation: Critical to Your Investment Success
Asset allocation is a critical component of investing success. Both research and academic studies show asset allocation to be single most significant factor in determining your financial goals.

Exchange Traded Funds
They call 'em ETFs.There are hundreds of them.

Direcway & Wildblue Set to Square Off this Fall?
There is a cat fight brewing between Direcway LLC, Starband and Wildblue Communications for the large number of people in the U.S.

Your Worst Enemy To Successful Investing - The Media
How do you make your investment decisions and where do you get your information? If you're like most of the people I know, you look to the experts.That's fine, however it's important to be aware that for every expert, there's an opinion and for every opinion there's an expert.

Waiting 20 Years Can Cost You Millions - Dont Wait Start Today
Many Young people live for Today. They really don't fully understand the power of compound interest.

Mutual Fund Selection Made Simple By Indexing!
Non-indexed mutual funds try to keep it secret that actively managed mutual very funds rarely do better stock market indexes. The higher fees of the managed funds really make it hard for these funds to out compete indexed funds.

Use of a Franchise Business as a Family Tax Planning Strategy
Suggesting the use of a franchise business as a vehicle for family estate and tax planning. Specifically using as an example, The Car Wash Guys, a portable car wash franchise, where you will be purchasing a completely designed and outfitted car wash truck and the right to develop a specific city or regional area with out of pocket start-up costs between $25-50,000.

Investing 101: Risk Terminology - BETA
About thirty years ago, statisticians armed with all of their statistical theories began to confront the financial markets. A handful of useful tools emerged that the average investor should be familiar with when they look to purchase stocks.

The Biggest Oil Opportunity in the World - And How You Can Profit From It
Where is the second biggest deposit of oil reserves in the world?In the oil sands region of Alberta, Canada. Oil sands are a thick, viscid mixture of bitumen, sand, clay, and water.

Brain Snappers and Other Wall Street Nonsense
The last time you spoke with your broker did he use any of the following words? Diversification, Price-to-earnings ratios, discretionary trading, lifting a leg (he's talking to you not your dog), leverage, divergence, fee-based compensation, escalator clause, tactical asset allocation and other mesmerizing words to place you in stupefying shock.Brokers do that to let you know that you don't know anything about the market and you must allow them to make decisions for you.

Begging Your Trust in Africa
The syntax is tortured, the grammar mutilated, but the message - sent by snail mail, telex, fax, or e-mail - is coherent: an African bigwig or his heirs wish to transfer funds amassed in years of graft and venality to a safe bank account in the West. They seek the recipient's permission to make use of his or her inconspicuous services for a percentage of the loot - usually many millions of dollars.

The 8 Biggest Mistakes When Designing Portfolios - and How To Avoid Them
Are you as good an investor as you think? Do you consider yourself a well-informed investor able to anticipate and avoid nearly all pitfalls associated with investing? Chances are, you are making one of the common errors that could cost you hundreds or even thousands of dollars, or worse yet, your financial independence, control and security."I see people making the same costly mistakes over and over," says Scott Frush, CERTIFIED FINANCIAL PLANNER and author of Optimal Investing: How To Protect and Grow Your Wealth With Asset Allocation (Marshall Rand Publishing; available by calling 1-800-247-6553).

Five Sure Fire Way to Secure Your Financial Future
"You can be poor when you're young, but you can't be poor when you're old." That was the tag line used some years ago in a financial services television commercial.

Will a Falling Dollar Derail Your Plans for Retirement?
How much are you willing to pay for a tank of gas? We've all watched as gas prices hit record highs, but what would you do if you filled your tank and paid by credit card only to discover on your monthly statement that you paid $80 to fill an economy car. No, this is not some future doomsday projection of oil prices.