Business Owners Need Savings, Too

More or Less
Small business owners have the opportunity to save for retirement by offering insurance benefits to their employees. They can have these benefits paid through the company and, in turn, make those contributions tax-deductible. They can then write off the premiums their company contributes as a company expense, which will help to provide benefits for them and their family.

However, a business owner must provide insurance benefits for their employees for this option to be valid.

Taxing Issues
A business owner needs to seriously consider how he or she is going to transition out of their business when they retire. Are they going to transfer it to a family member or sell it to a third party? This is something many small business owners haven’t addressed but need to before retiring.

Other questions small business owners need to ask themselves:

"Small business owners can create a retirement plan within the confines of their business in order to receive more dollars in their retirement plan when they leave the business," says Gary Kashdan, wealth management specialist with Morgan Keegan & Co. "Regions bankers can help refer owners to specialists who can help them transition out of their business and put any needed plans in place before retirement."

Just because you are a small business owner does not mean you cannot save for retirement. Call the Regions Morgan Keegan Service Center at (866) 951-9511 to learn how you can start saving today.