There are many options for small business owners, but some may be sweeter than others
As no-brainers go, this one is right up there: Rather than sink all your cash back into your business, you should funnel some into your own retirement. But a tough economy like this one often tempts small business owners to skimp, figuring they’ll make up the savings later. Problem is, “later” often never comes: Just 22% of small and mid-size employers have set up employee retirement plans, according to the National Small Business Association. “Many are deterred by the potential costs and find it difficult to navigate the options,” says Tom Biddison, a principal at Cornerstone Financial in Baltimore. (more…)