Benefits

Whatever you may think of Millennials, they are natural born savers. A new report from the Transamerica Center for Retirement Studies shows that since many of these workers entered the workforce at about the same time as the Great Recession, they've been more proactive in saving for perilous employment times.

Thomson Reuters has released the 2014-2015 edition of the Tax Planning Guide, which accountants, lawyers, tax professionals, and financial advisors distribute to clients and prospects.

What do personal finances and personal physical health have in common? More than you might think.

Do you remember those traditional pension plans from days of yore? Although such plans are nowhere near as prevalent as they were back in your grandfather’s day – especially for employers that must cover dozens of employees or more -- there’s still a time and place for the “defined benefit plan.” In fact, this option might be a perfect fit for a small business with just one or just a handful of full-time workers in the fold.

After more than a day of criticism from fellow state Republicans for allegedly failing to show leadership, Gov. Tom Corbett said Friday he has worked behind the scenes for long enough and will take his cause of pension reform to the public.

In the not-so-distant past, the Keogh plan was the hottest retirement planning commodity around. But like fax machines and VHS recorders, Keoghs are now regarded by many as relics. Nevertheless, this type of plan still might fit the bill for certain sole practitioners.

Once upon a time, an entrepreneur with just a handful of employees wouldn’t even think about starting up a 401(k) plan for the business. The administrative costs, as well as the complexity, could turn into a nightmare. But costs have come down in recent years and now the 401(k) is a viable vehicle for an employer of virtually any size.

Most of your clients who are small business owners are consumed with their day-to-day operations. They usually don’t have the time, nor the inclination, to devote to administering a qualified retirement plan for employees, even though they also will benefit from it personally. For these harried entrepreneurs, a Simplified Employee Pension (SEP), also called a SEP-IRA, is often the optimal choice of plans.