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Retirement Plan Considerations Cheat Sheet for Small Business

By Lance Winslow

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?

For more information about this article and/or the author visit http://www.WorldThinkTank.net/wttbbs/

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