There are no active polls at this time.

Upstart Start-Ups!: How 34 Young Entrepreneurs Overcame Youth, Inexperience, and Lack of Money to Create Thriving Businesses

Provides essential tips and information that will enable you to get your business idea off the ground.

Web Strategy Pro 4: Web Strategy Pro guides you through the process of creating a practical Web site plan for your business.

Two in five small-business owners have either no savings for retirement or less than $30,000. Many admit that they plan to postpone retirement. Still, one third of small-business owners admit they haven’t saved for retirement
at all. With rising health care costs and overall inflation, this is a serious problem for the futures of many small-business owners.

Many business owners feel that they need to have a plan for their retirement goals. However, with retirement savings programs such as IRAs, time is of the essence. In most cases saving a smaller amount at a younger age will yield more than saving a larger amount at a later age. So it is better to save early without a plan then later with a plan.

In addition to when you should start, you should consider how much you need to maintain your desired lifestyle. A place to start is with your bills. Find out how much you spend in bills every month. After that, take into consideration what kind of lifestyle you want to lead when you retire. Do you wish to travel or live in an active community? These are questions you will want to answer when planning.

Do your homework on retirement options. Other than social security and personal savings, there are many retirement plans available to you. IRAs, Simplified Employee Pension (SEP), individual 401(k)s, and insurance annuity are all popular with small-business owners. Research these options to find out which plan is best for you.

Another thing to consider with retirement is when you plan on retiring. The average retirement age has gone up recently. These days, most people must be up to 2 years older (from 65-67) before you can draw on Social Security. And even then, you will most likely not receive “full-payment”. Some workers are willing to wait until age 70 to receive more.

Here are some tips on saving for retirement. Try to plan your retirement as early as possible. And if you get a late start, save more, your future may depend on it. Also, to help reduce retirement costs, try to pay off credit cards and loans while you are still working.

>>Back to Common Sense