Blog

Contact Us for More Information

National Small Business Week, April 30 to May 6: Successful Retirement Strategies for Small Business Owners – Your Future is NOW!

Posted by Paul D. Woodard | May 02, 2017 | 0 Comments

Contributing Author: Kristine M. Custodio, Advanced Certified Paralegal

Since it is National Small Business Week, I will be focusing my blog posts this week on empowering the small business owner for success throughout the life cycle of their business. According to the Small Business Administration, small businesses make a big impact:

  • The 28 million small businesses in America account for 54% of all U.S. sales. Small businesses provide 55% of all jobs and 66% of all net new jobs since the 1970s.
  • The 600,000 plus franchised small businesses in the U.S. account for 40% of all retail sales and provide jobs for some 8 million people.
  • The small business sector in America occupies 30-50% of all commercial space, estimated between 20 to 34 billion square feet.
  • The number of small businesses in the United States has increased 49% since 1982.
  • Since 1990, as big businesses eliminated 4 million jobs, small businesses added 8 million new jobs.

In past blog posts, I have discussed topics that may affect small business owners such as entity formation (including the Differences in Filing as an LLC, Partnership, S Corp, Sole Proprietorship and Independent Contractor), estate planning (Leaving a Heritage Not Just an Inheritance, Benefit and Social Corporations), planning for incapacity, and tax issues (including Offers In Compromise). But have you, as a small business owner, given much thought to your future in terms of your retirement planning? According to a recent survey conducted by the Employee Benefits Research Institute, the answer is no, and it is likely a source of great stress.

As one of the Founding Fathers of the United States, Benjamin Franklin put it: By failing to prepare, you are preparing to fail.

My colleague, Corey Schechter, recently blogged about retirement strategies for small business owners: 401(k) plans, SEP IRAs and SIMPLE IRAs. If you would like more information about these and additional benefits programs, our firm has a white paper, The Right Benefits Program: Counseling the California Small Business in 2017, available for download.

The moral of the story is simple: Be prepared, research all the options available to you, and invest in your success now. If you have any questions about retirement planning for yourself and your small business, Butterfield Schechter LLP is here to help. We work for your success. Contact our office today with any questions you have on how we can help you and your business succeed.

About the Author

Paul D. Woodard

Paul Woodard practices in the areas of Employee Benefits, Employee Stock Ownership Plans, Pension and Profit Sharing Plans, ERISA, ERISA Litigation, Business Law, Qualified Domestic Relations Orders (QDROs), and Estate Planning.

Comments

There are no comments for this post. Be the first and Add your Comment below.

Leave a Comment

Retirement Plans

We help establish a customized plan that meets regulatory requirements as a tax qualified plan. Following implementation, our attorneys can assist clients and their plan administrator with regular reviews and updates to help with regulatory compliance for the plan's operation, and continued effectiveness in meeting the client's specific goals.

ESOPs

We are dedicated to employee ownership. When you come to us for ESOP services, you receive influential legal counsel who stand beside you to help you stay informed, in compliance, and abreast of the latest developments-all to help you realize your plan goals as fully and effectively as possible.

QDROs

A QDRO is a specially designed court order that is required for the division of retirement benefits in a family law case. Many family law attorneys do not possess the expertise necessary to divide retirement benefits or stock options upon divorce. We have extensive experience in dividing qualified plans, government plans, IRAs and stock options between the employee spouse and non-employee spouse.

Butterfield Schechter LLP provides the information in this website as a service to its clients and visitors to the site. This website is for information purposes only and is not intended to create, and receipt of it does not constitute, an attorney-client relationship. The information in this website is provided "as is," and while the information in this website is updated periodically, additional facts or future developments may affect subjects contained herein, and no guarantee is given that the information provided is correct, complete, or up-to-date. Seek the advice of professional counsel before acting or relying upon any article, form, or information in this web site. To ensure compliance with the requirements imposed by the United States Treasury and the Internal Revenue Service, we inform you that any federal tax advice contained in this communication is not intended or written to be used, and cannot be used, for the purpose of: (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing, or recommending to another person any transaction or matter addressed herein. Butterfield Schechter LLP has endeavored to comply with all known legal and ethical requirements in compiling this website. In the event that this communication does not conform with any laws or regulations of any state or country in which it may be received, Butterfield Schechter LLP will not accept legal representation based on this communication from a person in such a state or country. Electronic mail is provided as a convenience in communicating with the attorneys at Butterfield Schechter LLP. Contact by e-mail does not alone create an attorney-client relationship. Please remember Internet e-mail is not secure and messages sent to the firm or any of its employees or attorneys should not contain sensitive or confidential information. Thank you for visiting our site.

Menu