Beyond 401K

I am delighted to announce the publication of my new book “Beyond 401(k)s for Small Business Owners – A Practical Guide to Incentive, Deferred Compensation and Retirement Plans,” published by John Wiley & Sons (October 2003). The following is a highlights summary. I welcome your comments.

People who wouldn’t think of going to casinos or playing the lottery, are actually engaging in high stakes gambling with their futures by failing to deal with the new reality. The reality is that people are living longer, and retirement plans for most small business owners and self-employed people are woefully inadequate to sustain their current lifestyle.

In a user friendly manner, “Beyond 401(k)s for Small Business Owners – A Practical Guide to Incentive, Deferred Compensation and Retirement Plans,” explains the options in clear simple language. Case studies and examples illustrate the pros and cons for different approaches at different ages and different stages of a business (including start up, family owned, growth, sale or ownership succession).

Advice from experts cautions against the common mistakes including:

over-estimating the benefits of social security
thinking your 401(k) will fund your retirement
staying with one plan too long
underestimating the complexity of succession
assuming the sale of your business will fund your retirement

The book includes:

frameworks for updating your financial information
tips for taking advantage of new “catch-up provisions” for people over 50
tips for evaluating your situation relative to available options
templates for requesting proposals, obtaining a second opinion
tips for dealing with advisers
ways to understand and evaluate costs, fees and benefits

“Beyond 401(k)s for Small Business Owners” provides the tools needed to:

Maximize owner benefits, reduce taxes, and enhance retirement income
Use creative compensation to motivate employees
Understand “qualified” and “non-qualified” plans
Address the unique issues of family businesses
Get the best deal on insurance and benefits for your company
Avoid expensive pitfalls
Measure your progress and keep your plan on track

Studies show that about 70-80% of pre-retirement income is needed to maintain your current lifestyle in retirement. No one wants to be impoverished after a career of hard work So, the stakes are high. This book is a great resource to help you understand how to achieve a financially secure retirement.

For more information or to order the book,a visit The Smartfast Bookstore.

Jean D. Sifleet, Esq., CPA
Business Attorney & Consultant
120 South Meadow Road
Clinton, MA 01510

t. 978-368-6104
f. 978-368-6105
jean@smartfast.com

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Jean Sifleet, business attorney, CPA and three-time entrepreneur, is pleased to announce the release of her new book, Advantage “IP”: Profit from Your Great Ideas. Visit the Smartfast Bookstore for details, and to order the book.