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While 401(k)s and IRAs are excellent retirement savings vehicles, your business is also a key asset. Selling it at the right time can help ensure the cash flow and lifestyle you want during ...
Invest in Precious Metals Like Silver and Gold. “One of the best things you can do to protect your retirement savings is to invest in precious metals,” said Tamara Genwright, owner of Wealth ...
So, if you make $100,000 per year and contribute $1,000 per month to your retirement savings plan, your employer would contribute $500, or 50% of each contribution, up to $6,000 per year.
As a small business owner, you don't have the programs that an employer would offer you in a benefits package. This means you'll have to take a more active role in planning for your retirement.
Types of retirement plans. Retirement plans are classified as either defined benefit plans or defined contribution plans, depending on how benefits are determined.. In a defined benefit (or pension) plan, benefits are calculated using a fixed formula that typically factors in final pay and service with an employer, and payments are made from a trust fund specifically dedicated to the plan.
Registered retirement savings plan. A registered retirement savings plan ( RRSP) ( French: régime enregistré d'épargne-retraite, REER ), or retirement savings plan ( RSP ), is a type of financial account in Canada for holding savings and investment assets. RRSPs have various tax advantages compared to investing outside of tax-preferred accounts.
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