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Setting Up A Retirement Plan
By Larry Potter


One of the best possible things you can do to provide for your retirement years is to set up a small business. Between the tax benefits you can receive, to the fact that you can often make a tidy sum of money, owning a small part time home based business is without a doubt one of the best things you could ever do. But this letter isn?t about that specifically; we?ll get into that as the year goes on. What I do however want to suggest is a ?plan? that you can set up for your retirement goals.

If you are a sole proprietor of a small business and you make less than 200K dollars a year, you can qualify for a retirement plan called a ? combo Sole owner / 401K profit sharing plan?. I know that?s a mouthful, but it?s important to realize that this thing exists. Why? Because you can dump a ton of money in it.

Although you can indeed search the web and find enough information to set one of these up yourself, any financial advisor, or even the officers at your bank should be able to set one up for you quite easily and the going rate appears to be between three and four hundred dollars. I wholeheartedly believe you should explore this.

Right off the bat you are allowed to put up to 12K dollars in your 401K plan. That?s a very healthy chunk right there, but wait it gets better. You are also allowed to donate up to 20% of your income into this thing under the profit sharing side of the equation. So as you can see, if you claimed say 60K dollars worth of income, you could put the upwards of 24K dollars a year into this plan. That?s right off the top, dollar for dollar donations folks.

For those of you who own your own small business, this is one of the most aggressive plans I?ve ever seen, and if you need a good vehicle to shelter some tax money, I can?t think of much better.

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