It’s the last day of the year, and if your small business does not already have an employee retirement plan in place chances are good you’re thinking about it. Chances are also pretty good that you think it’s more difficult, and more expensive, to get started than it really is.
Bloomberg Businessweek ran an article earlier this month outlining some of the options, with hopeful advice. Nearly three-quarters of small employers do not sponsor retirement plans for their employees, perhaps because of outdated negative notions about their costs and complexity. If you are a small business owner, now may be the right time to revisit the concept of employee retirement plans. The options may be more attractive than you think.
Seek advice from your financial advisor and accountant on this subject as soon as possible as there are rules and deadlines to follow.
Reference: Bloomberg Businessweek (December 6, 2011) “Establishing an Employee Retirement Plan”
Patrick J. Kelleher is a South Shore, MA resident and estate planning attorney serving and protecting families and businesses in the South Shore, MA area. For more information on estate planning visit our firm’s website at www.MyFamilyLifePlan.com or if you have any questions please call Attorney Kelleher at 781-871-PLAN (7526) or by email at Pat@myfamilylifeplan.com
This article is not intended to provide legal or tax advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney.
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