 | from Darrell Zahorsky
The recession has redefined retirement for many individuals and businesses. While the dream of early retirement may still exist, the reality is all small business owners, professionals and freelancers need to take control of their retirement future. This week we look at various retirement vehicles for small business.
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In the Spotlight | Pros and Cons of Self-Employed Retirement Plans
Self-employed people don't catch many breaks in the business world. They have to cover both halves of their Social Security taxes, pay all their own employment taxes and cover their own health insurance bills. They do, however, get to choose from a variety of self-employed retirement plans that tend to offer far greater benefits -- as in the ability to tuck away more tax-deferred cash for retirement -- than most workers get from their bosses.
| | The Power of Small Business 401(k) Plans
A 401(k)plan for small business allows workers to contribute pre-tax dollars to a retirement fund. With the future of Social Security uncertain, these employer-sponsored programs can help working Americans save for their retirement. They can also help a small business attract and retain employees.
| The Basics of Employee Retirement Plans
An employee retirement plan for small businesses is easier to establish and run than you may think. Employer contributions are generally tax-deductible, and you may qualify for a $500 tax credit for setting up a pension plan. In addition, small business retirement plans require less paperwork than traditional pension plans and may help to draw and retain employees. While there are several employee retirement plans available, the following are well-suited to small businesses because they're relatively low-cost, easy to set up and administer.
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