I need to retire from retirement.
—Sandra Day O’Connor
As far as I know, clocks only move in one direction: forward. With every day, each of us moves toward retirement. One of the benefits of being a small business owner is the ability to tailor a retirement plan to your needs.
Of course, the Tax Code only allows some types of tax-advantaged plans. This chapter looks at those plans and the tax and retirement consequences of each.
The Basics of Retirement Plans
When I first entered the workforce years ago, most employers offered pension plans. Most pension plans are defined benefit plans. Given the contributions into the plan ...