Better Retirement Life Tag's Archives
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The most expensive and complicated retirement plan for the self-employed, the defined benefit plan is most appropriate for someone with a mountain of money to save for retirement.
Employers can save a maximum of $195,000 per year. But you need an actuary to determine the amount that can be contributed, which adds to the cost of the plan.
In contrast, the Solo-K, SEP and SIMPLE IRAs allow more flexibility by allowing employers to reduce contributions in a year with poor cash flow.
Better Retirement Life, business owner, cash flow, Effective Plan, expenses budget, expenses contributions, Luxury Lifestyle, money management, Pension Benefit, retirement plan, self-employed, tax-dodger
Next year will be the retirement year for Uncle John. He’s been toiling in one Flint GM factory or another for 35-plus years, and he’s about done with it. Work— tinkering with cars, boats, and home remodeling tasks— can still give him a charge, but crawling out of bed every weekday morning at 5 to slap together torque converters wears on him. He’d rather spend time hunting and fishing, and also with his grand-kids.
John is pretty young for retirement. He’s in excellent shape— SAY NO TO Alcohol and Cigarettes and he’s able to carry his 150lb outboard trolling motor down a flight of stairs into his basement every winter’s eve for storage. He’s paid into the Social Security pensions system since he was a teenager, when payroll taxes were 6%. Most of that money went straight to retirees drawing direct benefits at the time. Today, payroll taxes are 12.4%, a partial reflection of a trust fund set up in 1983, so John’s kids and grand-kids, and nephews, wouldn’t have to worry about their Social Security later on. Just like John isn’t one to worry.
Americans business nature, Better Retirement Life, Business Culture, Economy Inflation, Extra Income, Financial Freedom, medical expenses, payroll taxes, Pension Plan, Retirement Life, Savings Management, Social Security, solvency crisis, Western Society
