Find the Retirement Plan For You [IRS News]

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Welcome to the Self Made. This is a blog focused primarily on the self-employed and micro-business and full of fantastic posts by not only our team of experts but by YOU!  We realize that there are many ways to help the small businesses out there which is why we invite other business minded individuals to post here and help the rest of the community as well.

Find the Retirement Plan For You [IRS News]

Jul 23, 2009
Posted by Molly Nelson - I will admit, with being in my 20s and not knowing what I could possibly do all day if I wasn't working (more time for yoga, I guess) means retirement isn't something on my mind a lot these days.  However, after attending another IRS Small Business Forum this week and hearing from Anita Bower of the Tax Exempt and Government Entities - Employee Plans division of the IRS, I'm starting to think I should be doing more thinking.

Did you know that according to the IRS, Americans will need 70 to 90 percent of their preretirement income to maintain their current standard of living when they stop working?  While retirement plans are important for small business owners and their employees, according to a 2007 survey of NASE Members, only 16 percent of respondents were currently offering a retirement plan for themselves and their employees.

Although many small business owners cited cost as the reason for not participating in a retirement plan, the confusing nature of retirement plans is certainly another important factor.  This is where the IRS comes in.  Anita pointed us to the "Retirement Plans Community" page on the IRS Web site, which has a lot of information on retirement plans, and even a nifty tool to see what the right retirement plan is for you.

Planning ahead can be hard, but having a plan in place sounds like it makes things a little easier!


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