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Funding Retirement Without Breaking The Bank
(By - Kelly Phillips Erb, Forbes Staff)
If you go to work for almost any big company these days, you’re practically guaranteed some kind of retirement plan. While pensions may be fading as a perk (except in government), they’re being replaced by a host of options including 401(k) plans and Individual Retirement Arrangements (IRAs). Retirement plans may be less common in startups and small businesses because they’re considered complicated and expensive to set up and maintain. However, starting a retirement savings plan for yourself and your employees is easier than you think - there are also tax advantages. Employer contributions may be deductible since the money that you spend on your employees will typically reduce your taxable income. In addition, small businesses may be entitled to a tax credit for the administrative costs starting certain types of plans. Read more…
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