Entrepreneurs who own a small business have a tougher time planning for retirement than those working in the ranks of Fortune 500 companies.  There’s always too much to be done with the business to focus on retirement.  In addition, most entrepreneurs believe there is a lack of easy retirement investment options available to them, especially in contrast to most corporate employees.

The good news is that there are retirement options for entrepreneurs.  Small business owners do not have to fret over how they can stash away money for retirement.  In addition to planning your exit from your small business, the government allows you as a self-employed person to take advantage of contribution retirement plans

SEP: Simplified Employee Pension

The simplified employee pension, or SEP, is a basic and easy retirement plan.  Much like a deductible IRA, a SEP allows you to make tax-free deductions into the plan.  The good news is that contribution limits are higher.  You may deduct up to 20% of your net self-employment earnings, or up to 25% of your salary if you’re an employee of your business, up to $49,000. 

You can also set up your employees, if any, with their own SEP plan.  However, your company must make the same percentage match to their accounts as you do to yours.

SIMPLE IRA

Like the SEP, a Simple IRA allows you as an employer to form a retirement option for you and employees.  Simple IRAs can be set up through a reliable asset management company like www.iamllc.biz who can help with the record keeping and annual maintenance fees.

A Simple IRA allows any employee, including yourself if you receive a salary, to contribute up to $11,500 per year, or up to $14,000 over 50 years old.  Your company is required to make a mandatory matching contribution up to 3% of salary deferrals for your employees.

Self Employed 401(k)

The Self Employed 401(k), also known as the Solo 401(k), is a retirement plan that allows you, the sole business owner with no employees other than your spouse, to contribute part of your earnings into a tax-deferred 401(k) plan.  As of 2009, you may contribute up to $16,500 per year of your self-employed salary, and $22,000 if you are over 50.  In addition, your employer (that is your business) may contribute up to 25% of your salary up to $49,000 into your self employed 401(k).

Setting up a Solo 401(k) is easy.  Simple paperwork may be filed through a trustworthy financial advisor such as www.kenhimmler.com, and you’re on your way.  In addition, only when your Solo 401(k) balance reaches $100,000 will you be required to file a yearly form 5500 with the IRS.

Protect your Assets and Plan Your Exit

Don’t forget that your business is YOURS.  The assets you have in the business belong to you.  If you have worked for years building your business, you have the right to pull out the equity of your business at the time you wish to retire.  That means, however, that you need to protect those assets while your business continues to operate. 

• Insurance – Make sure your business is adequately insured.  Insurance guarantees the cost replacement if your assets are lost in a fire or due to theft.

• Incorporate – If you run a sole proprietorship, your personal assets could be at risk if your small business is sued.  You can protect your personal assets by incorporating your business or forming an LLC.

• Holding Companies – You can also move your earned assets into a separate holding company.  By moving your business assets away from the actual business, you protect them from potential liability claims.

As you near retirement age, it is also wise to think about your exit strategy.   Will you hand the business down to your children?  Will you sell the business?  Or perhaps just liquidate and take all the value out of your equity?  By planning ahead, you give yourself a cushion of time to make small adjustments as needed to your business assets. 

Keeping retirement in mind, those who own a small business can successfully plan to make their business fund their retirement years.  Consult a financial advisor or reliable asset management company to ensure your small business will be there for your retirement.

Authored by Kenneth Himmler, Sr.

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