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The small company I work for does not have a pension program or a 401k. Best retirement strategy besides IRA? |
I max out my Roth IRA contribution every year, but I have a lot of money left over that I could invest. Besides investing in mutual funds or cash-value life insurance, are there any other good long-term retirement investing strategies? best strategy? Talk to your boss about installing a 401k. Costs are minimal nowdays. startup costs are about 2k and annual costs are about the same. Both are deductible expenses and small businesses even get a credit for first year (I think it's still available anyways). Many plans that I set up for my clients involve some contributions on side of ownership but in most the amount that they have to contribute to the staff through matches and contributions is LESS then they would have to pay to the IRS in taxes if they didn't have the plan. Essentially like this...install a 401k and provide 3% of pay to your 10 employees who average 50k in salary. That's 15k in 3% contributions. Boss then puts away 15k of his own (20k if he's over 50 years old) and receives his own 3%. If we assume boss makes 200k then his total tax deductable contributions is his 15k PLUS the 21k in other contributions for 36k. Boss's tax rate is 38% which equates to a tax savings of about 14k. So, Boss is now able to put away 21k of his own money and it cost him a total of 3k to do it. 1k to his employees (uncle sam funds the rest through lower taxes) and 2k to the company doing the recordkeeping. If you can get the am talk radio show by Dave Ramsey, by all means listen to it. He talks about these situations all the time. You definitely need to listen to Loral Langemeier (The Millionaire Maker) - her website and her staff are incredible. Her web has lots of audios and her programs are incredible. |
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