Imagine What That Means For American Businesses

Category: Finance.

CIBC estimates that approximately$ 2 trillion in Canadian business assets alone will change hands by 2010 as more baby boomers anticipate retirement. Business owners not only have to worry about their own retirement planning, but will also need an exit. strategy and a long- term plan for their employees.

Imagine what that means for American businesses! The same study found that 60% of small business owners haven t even begun to discuss their retirement plans yet. Develop a responsible plan for building business after you ve retired and explore your options today. Don t leave yourself struggling to pay bills or your employees hanging high and dry. Social security and pension plans should be the baseboard for your retirement planning, but you ll have to think more creatively to continue making money once you ve left your business. In addition to expanding your business, you should be retirement planning and considering an exit or succession strategy.

Many owners, while simultaneously building business, choose real estate investment properties or further their stock and mutual fund investments. Recruiting the services of a financial planner can be an invaluable asset. An additional 28% will come from a registered government savings plan, such as an IRA or 401k, and 25% from stock market investments. For many retirees, 31% of their business retirement plan will come from the sale of their business. The smallest income will be the 16% from social security or pension funds. While building business, it s a good idea to share some of the company profits with hard- working employees. Should you offer employee retirement planning?

Generally a company with an employee retirement plan will have better productivity, employee retention and, stock purchases a more secure future. You will make contributions to a general fund, using up to 15% of employee income, in the employee s name which they will receive when they retire or decide to dip into the fund. For starters, you may want to consider a Simplified Employer Pension IRA. You can decide what percentage of the company s profits you ll distribute among employees and you ll enjoy easy administration, no additional IRS reporting, tax kickbacks and a better rapport with your employees. While it may seem like a daunting task to cover the retirement planning of yourself and your employees while building business, a simple trip to Fidelity Financial or a financial planner could get you on the right track. One in five small businesses now offers an employee retirement plan, so don t hesitate to look into a SEP- IRA or 401k plan when building business. By learning more about your investment options and developing an exit strategy, you can ensure that your golden years will truly be the best.

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