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Build Financial Security with a Business Retirement Plan


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Title: Build Financial Security with a Business Retirement Plan

Build Financial Security with a Business
Retirement Plan
  • Congratulations! If youre reading this, it must
    mean your business is generating enough profit to
    afford employees, require tax planning and give
    you the prospect of a healthy financial future.
    When you have more profit than you need to run
    your business operations, its time to start a
    business retirement plan. Businessman Investing
  • Just like parents tend to put their children
    first and take care of themselves last, business
    owners have a tendency to place the needs of
    their businesses before their own needs. Starting
    a business retirement plan is usually a low
    priority not only because of the effort and
    expense involved, but the benefits to the
    business arent obvious. Some business owners
    think that retirement plans only benefit
    employees. The reality is that they mainly
    benefit the business and the business owner.

  • Most employees dont contribute or contribute
    very little to retirement plans, whereas business
    owners who take full advantage attract
    higher-quality employees looking for
    comprehensive benefits, get large tax deductions,
    and build financial security for themselves and
    their families. The money you deposit in your own
    business retirement account is deductible, but
    unlike other business expenses, youre not
    actually spending the money. You get to keep
    itso not only are you saving on taxes, youre
    also building a nest egg.
  • An accountant and broker/financial advisor can
    help you determine and set up the right plan for
    your business

  • Self-employed The SEP (Simplified Employee
    Pension) IRA allows you to deposit up to 25 of
    net earnings (net profit minus half of
    self-employment taxes and your deposit amount).
    Consult your accountant to help you determine
    your allowable contribution each year. Expenses
    are minimal and there are no required
    contributions, so you can skip contributions in
    slow years. If you need a higher tax deduction,
    consider the SIMPLE (see below) or the solo 401k,
    which has higher expenses but allows an
    additional contribution of 17,000 in 2012 (or
    22,500 if youre over age 50).
  • Small businesses with under 100 employees The
    SIMPLE (Savings Incentive Match Plan for
    Employees) IRA allows you to contribute up to
    11,500 in 2012 (or 14,000 if youre over age
    50) as long as you make an employee contribution
    as well. You can choose from a matching
    contribution of 3 where you only have to
    contribute for employees who contribute
    themselves or a 2 contribution to all employees
    regardless of whether they make contributions on
    their own. Expenses are minimal. If youre
    willing to pay higher expenses for a higher tax
    deduction, see the choices for large businesses

  • Large businesses A multitude of plans are
    available including pension, 401k and profit
    sharing. Expenses are higher but so are the
    contribution limits and the flexibility to design
    exactly the type of plan you want.
  • Now that your business is growing up, its time
    to start taking care of yourself too. A
    Retirement Plan Company can benefit yourself and
    your business. Its important to stay on top of
    your financial game throughout the entire life of
    your business, so plan smart and plan ahead.

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