A recent horrifying article discussed how small-business owners are significantly less likely to have retirement plans than wage and salary workers, a pair of studies found. It is wrong that the entrepreneur takes risks every day for themselves, family and maybe investor or shareholders only to get the short-end of the retirement stick. Next year, 2013 the Health Care Affordability Act comes in play and will cost many businesses much more and the IRS is gearing up for enforcement; remember it is not a penalty but a tax.
The numbers you'll see seem to be unaffected by recessions, according to the studies, both done by the Small Business Administration's Office of Advocacy using different databases and focusing on different subgroups.
We recently discovered a technique that has been around for 15 years and I started using it for myself and a few clients. We wanted to share some of this technology with other business owner since putting all the pieces of finding an advisor who can help you with it is about as difficult as finding a dime dropped in the sand at the beach.
I am a fond believe that a picture tells a 1,000 words and I've always loved movies about the same or maybe more than books as I like to bring ideas and concepts to life and that is what some colleagues did with the leveraged retirement plan which allows you to put away $1 million or more right now or over the next 5 years rather than trying to save it up and hope the market does not destroy it by the time you're ready to retire.
This is an ideal solution if you don't currently have 1 million dollars or more put away for retirement in a place where it receives safe returns, covers a keyman or buy/sell situation for partners, protects the business and family members who rely on the income or secures liquidity for any investors, partners or shareholders who are passive and rely on the CEO of a privately held company to make it work.
Not everyone qualifies for the program so if anyone would like to explore further and has questions or would like to fill out a prequalification form please contact my office as we can assist.
May you prosper in these coming years and regain your freedom which is to exit with enough money to live your life on your terms and in your timeframe.