Updated Thursday, July 31, 2014 as of 1:45 PM ET
Preparing Small Biz Owners for Retirement: Wednesday's Retirement Scan
Our daily roundup of retirement news your clients may be thinking about.
Preparing small-business owners for retirement
Many small-business owners who are preparing for their golden years make the mistake of depending on the sale of their business to fund their retirement, as they usually overvalue their business, says a financial adviser. Another mistake they make is underestimating their personal expenses, a financial expert adds. Some small-business owners also fail to make use of financial products that can optimize their retirement savings, such as opening an individual 401(k) instead of an SEP IRA, an expert notes. -- Wall Street Journal   more »
More in Small Business
Despite declining numbers, defined-benefit plans are in vogue with small business owners and the advisors who serve them. more »
Dos and Don’ts with 401(k) Plans; Building Retirement Savings; Income Strategies more »
Once obscure, business development corporations, small business investment funds, are attracting attention. more »
The House Committee on Small Business held a hearing to discuss the biggest tax problems for small businesses. more »
Beset by a graying workforce, an aging clientele and a shortage of young talent, the wealth management industry is at long last changing course. more »
Community banks are revamping branches and offering new services in an effort to become trusted advisors to small businesses. Such a transformation is often easier said than done. more »
Having a long-term horizon for the sale of a business puts the owner in a better position to optimize tax strategies. It's also an opportunity for advisors angling for the investment business a sale will produce. more »
The IRS has released a set of proposed regulations to prevent abuses of the partnership basis adjustment rules, disallow partnership loss transfers and avoid some of the abuses uncovered by the Enron scandal. more »
As more community banks look at working with alternative lenders, they must be mindful of the regulatory and reputational risk that can occur if they make a bad referral. more »
Not only are the requirements of the Affordable Care Act difficult and complicated for businesses to understand, but in many cases those aspects that businesses and their advisors think they understand are already slated to change in the future, according to one expert. more »
Family business owners are more focused on sustaining their business’s longevity than on sustaining wealth across future generations, according to a new survey. more »
The head of the IRS’s small business unit said his division expects to move from focusing on audits of small corporations to partnerships. more »
Despite a recent show of political opposition, the Labor Department seems poised to press ahead with a proposal to broaden the definition of fiduciary to cover advisors working in the retirement plan segment, a leading opponent of the measure warns. more »
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