Business owners looking to make a large tax-deductible contribution to their retirement plans may want to investigate mini, or solo, 401(k)s, which allow them to make greater tax-deductible contributions than under a SEP-IRA or a SIMPLE IRA. But the deadline for opening an account for companies that work on a calendar year to qualify for 2010 contributions is Dec. 31.
Many investors haven't performed a methodical calculation of how much money they need to save for retirement. Workers who know exactly how much they'll need are more confident that they've saved enough and tend to change their retirement-planning behavior, found The Employee Benefit Research Institute.
Business owners face different financial risks than the general public and their planning strategy should reflect that, writes Carlos H. Lowenberg Jr. He says business owners should divide their assets into three categories and apply different risk profiles to each.
Hiring your own financial adviser and getting an independent valuation of your business are the first steps to completing a transition in business ownership. More than half of all transitions fail, primarily because of human emotions and dynamics, Sam Hull writes.