Six out of ten small-business owners plan to delay retirement because they haven't saved enough. Many are in their 50s and 60s with peak earnings but hit contribution limits on 401(k)s and IRAs. A pension plan offers a way to catch up.
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According to the Gallup Small Business Index, 6 out of 10 small business owners or self-employed professionals intend to delay retirement because they haven't been able to save up enough money or because stock market losses and real estate depreciation have substantially diminished the value of the investments they are depending on for retirement income. They're now in their 50s or 60s, earning more than ever and paying more in taxes too. In fact, they're at the peak of their earning years, but at the end of their working years. And they simply have not yet accumulated enough money to retire comfortably at the age they expected to, or the investments they've made have not performed as well as they expected. Sound familiar? Like many other small business owners and professionals, you have the profitability to save more money. But you're running out of time, and you're limited by how much you are allowed to deposit into your own 401(k), IRA, or SEP account. So how can you completely—