Posted by Sung Yoo - The Senate Finance Committee held a hearing today about tax reform options for retirement savings, where members investigated the need to reform a system where nearly 30 percent of all Americans in the workforce for 25 years or more years have zero savings.
"Perhaps most troubling is that fewer than half of all American workers work for an employer that sponsors a retirement plan, and the half of Americans who do not have access to an employer-sponsored retirement plan are almost entirely middle or low income," Chairman Max Baucus (D-Mont.) said. "This means they are far less likely to have other forms of savings."
Given that, it is ever more important for NASE Members to plan and strategize for their retirement. Here are two links I found recently that may help you get started:
Roger Wolhner at U.S. News offers guidance for the self-employed, explaining the differences between Solo 401(k) and SEP IRA. Meanwhile, Stuart Robertson at Forbes encourages small businesses to setup 401(k) plans for employees, saying the benefits far outweigh the cons.
And of course, NASE Members have access to Retirement and Estate Planning Experts at the NASE Business Learning Center to give you more specific advice.
Feel free to comment below, Tweet, or Facebook us and tell us how your retirement planning is going. We look forward to hearing from you!