Retirement Benefits and Pension Plans for Small Businesses

A recent study reported that 64 companies contribute $100 million while 3 (Ford, Exxon Mobil, and Delta Airlines) commit to paying $1B or more to highly defined employee retirement benefits plans.

However, these plans are not just suited to large companies. Although they used to be crucial to the American market, defined benefits and pensions plans have largely fallen out of favor. In the wake of the 2008 financial crisis, these plans took on negative connotations.

As a result, most people tend to associate these plans with employees in the public sector. To them, the plans are just another part of the unwieldy and wasteful strategies adopted by city and state governments.

Corporate pensions, on the other hand, are becoming obsolete. New employees at most companies no longer receive pension plans. The cause might be from the rising cost of doing business compounded by tough economic times, which has forced many private sector firms to remove defined benefits plans from their budgets.

The trend is so dire that one would be compelled to question why business owners don’t plan on retiring. Do they, perhaps, assume that they will sell their companies to get funds for their retirement when the time comes?

Even in the face of its diminished popularity, retirement benefits still make sense to a particular demographic: successful small business owners. For this entrepreneurial class, pension plans are the perfect retirement vehicle to enable them to retain their wealth, and better run their businesses.

However, financial advisers still opine that most high net worth individuals and entrepreneurs have any stable retirement or pension plan. In fact, a report from the Bureau of Labor Statistics shows that less than half the workforce at most companies with less than 50 employees has a pension or a 401(k).

That said, it is noteworthy that 58% of employees have access to a pensions plan while 49% actively participate in at least one. Looking at the numbers differently, 30+ million full-time and full-year workers in the private sector aged between 18 and 64 do have access to a retirement plan created by their employer.

Benefits of Retirement and Pension Plans

This trend is a flaw in the marketplace – one that can be efficiently resolved in ways that are mutually beneficial to both the employee and the employer. For small business owners earning annual incomes above $200,000, it would be wise to set up a pension plan with or without an already existing retirement investment strategy. The best, of course, include the IRA and the 401K.

Some of the benefits of retirement planning include:

a) High Contribution Limits

Like IRAs and 401K plans, contributions to self-funding pension plans are mostly tax deferred. However, they also come with more flexibility and higher contribution limits.

b) Reduced Rates of Staff Turnover

Adding a pension scheme to the benefits package offered to employees will enable a company to retain its current workforce while attracting top talent from outside.

c) Risk Mitigation

Creditors cannot seize assets invested in a pension plan. If a business is the target of a frivolous lawsuit, it will be able to protect itself against downside risk through the established retirement plan.

Even with the above benefits, some businesses fear the costs involved with setting up a definite pension plan for their owners and employees. This concern seems to arise from the fact that administration fees for pension plans are quite high, especially in comparison to retirement plans.

While this might be difficult to believe, it is entirely understandable. When one considers the fact that most small entrepreneurs are driven and laser focused on building and growing an enterprise, it becomes easy to understand why so many fail to dedicate some of this effort to their personal financial affairs. One of the issues that arise as a result is that most of them fail to create a comprehensive personal financial plan to maximize retirement savings.

So, how can this trend be overhauled? One effective strategy would be to contract the services of a plan actuary to calculate employee funding levels on an annual basis. These services, in and of themselves are costly. As such, companies that require a high degree of liquidity to keep their operations flowing might not view pension plans as the best option.

Overall, successful entrepreneurs and high net worth individuals should seriously consider creating these plans for themselves and their staff. This way, they will be better placed to protect themselves, their businesses, and their personal wealth while maximizing the tax advantages of their retirement savings. In this area, pension plans will address almost every objective most business owners have.

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What are the Best Tattoo Inks?

Dedication, nostalgia, aesthetics, religion, to correct defects – these are just some of the reasons people get tattoos. As a result, tattooists must discern these reasons and get the best ink to be able to create the perfect art. The best way to do this is by understanding the companies and brands making the best tattoo inks.

Top 8 Most Popular Tattoo Ink Brands

What are the best tattoo inks? Which brands produce high-quality inks for tattooists? Consider the following:

  1. Alla Prima Ink

Fully based on color, All Prima Ink has a wide variety of tones and shades. The inks, which the company blends from powder particles and fluid, tend to have larger particles – making them ideal for tattooing.

  1. Arcane Tattoo Inks

The line of Arcane tattoo inks comes with the same benefits as Alla Prima inks. Tattooists prefer Arcane when it comes to acrylics and sheltered shades. What is more, these inks are dissolved to break down the powder particles into a unique blend that’s hard to come across on the ink marketplace.

  1. Skin Candy Tattoo Supply

Having been in existence for the past 20+ years, Skin Candy fabricates most of its ink in their Burbank, CA workshop. The line of inks it produces is so dynamic that any tattooist, irrespective of their leanings, will be able to find the perfect tones and shades.

  1. Element Color Corporation

Element Color Corporation has been manufacturing tattoo inks since 1990. Today, the quality of their colors is so intense that tattooists have to add white color to tone down the hues. The manufacturer also recommends that you add yellow to the mix if you wish to reduce the tan effect of your tattoos.

That said, the inks are professionally crafted, meaning that they are absorbed by the skin easily and quickly.

  1. Rhapsody Tattoo Ink

Coming out of Texas, Rhapsody inks are brilliant, unadulterated, and enviable. The shades are typically made using a mixture of safe colors, distilled water, and a bit of alcohol.

  1. Formula 51 Ink

The brainchild of Chris 51 and Joshua South, Formula 51 was developed with the specific goal of delivering the high-quality tattooists and clients alike expect.

  1. Intenze Tattoo Ink

Intenze, on the other hand, combines creativity and clever engineering to come up with the perfect inks. These tattoo inks are designed to suit special requests – meaning that tattooist can get in touch with the company to get the hue they (or their clients) need.

  1. Kuro Sami Tattoo Ink

Another one of the leading brands in the tattoo ink industry, Kuro Sari is highly secretive about their recipes. The company has a tradition of passing down ancient recipes through generations of Japanese tattooists, making for a wholesome experience when the inks hit the market.

5 Tips for Buying Tattoo Ink

To further answer the “what are the best tattoo inks?” question, you also need to know how to get the perfect inks for your craft. Use the tips listed below to help you make the right decision every single time:

  • Only buy from reputable manufacturers
  • Research the ingredients and the process used to manufacture the inks
  • Always get the highest quality inks you can find
  • As far as possible, ensure you use safe and durable colors

  • Invest in sets of tattoo kits and inks

Concluding Thoughts

In conclusion, finding the right tattoo inks shouldn’t be hard. As long as you know the major players in the tattoo ink manufacture industry and you understand the essential features to look for, you should be able to score high-quality ink every single time.

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How to Invest Like Warren Buffett

Warren Buffett has made a name for himself not only for sound judgment but also for quick action where investments are concerned. Starting from potatoes, Buffett has grown into one of the richest men in the world. Thankfully, he is a generous soul, always offering advice that others can follow to achieve the same levels of success in investments.

Although you won’t have ownership interest in the Singapore investments you make, you can learn how to invest like Warren Buffett to reduce loss and generate profit from your money. These tips are easy to understand albeit a bit hard to implement.

Consider the following:

  1. Buy Stocks Selectively

According to Warren Buffett, you should always have a list of the criteria to follow whenever you wish to buy stocks. For instance, you could look through the stocks available in a given industry or go for a particular price range.

He further advises that price isn’t the only factor to buying stocks. In fact, good companies sometimes dip in price due to the sector or the market – which conversely presents one of the best buying opportunity as long as your other criteria are met.

  1. Invest in the Familiar

Buffett also advises aspiring and current investors to only put their money on companies and industries they are familiar with. According to him, the better you understand something, the easier it will be for you to keep up to dated with company news and industry trends.

He cautions against investing based on hype or by following stock tips from other people. Rather, he says that you should research a company first if you are interested in investing in it.

  1. Stay in Cash

Where you can’t find a company that fits the investment criteria you established, the best thing to do would be to stay in cash. Warren Buffett advises that, contrary to popular opinion, cash is always a position to consider when no other positions are attractive enough.

  1. Follow

After investing in a company, follow it and get monthly updates on its progress. He warns against following too closely though because some companies adopt long-term strategies that would be best reviewed on a monthly basis.

  1. Know When to Sell

Even though you feel like a company’s stocks are worth holding onto, Warren Buffett advises that you need to know when to sell. To him, you should let go when the company you invested in no longer matches the reasons you invested in it in the first place.

For instance, if you had determined that it needed to be above its 2-year average stock price but it falls beneath this price, just sell your stocks and shares. Warren Buffett got to his current position because he always sells when the companies he invested in fail to fit in with his original criteria.

Bottom Line

Contrary to what most people think, Warren Buffett never pays any attention to the price movements of stocks on a daily basis. He also doesn’t care about the news and the latest technologies. However, he does have a unique understanding of business that few have managed to grasp.

Learning how to invest like Warren Buffett, therefore, will take some time. Still, this time will prove to be worth it once you master the strategies above. It will enable you grow your current savings and investments in the Singapore stock market in ways that would have completely been lost to you if you’d never followed the Buffett investment model.

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