If you own a small business or are self-employed — even if you just moonlight to earn extra income — this is the time of year to think about your retirement plan.

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The conventional wisdom that you can have a comfortable retirement with 75 percent to 85 percent of your preretirement income has been exposed for what it is.

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Despite the common knowledge that social security and company provided pensions may not be available for Americans when they approach retirement, many still plan to rely on them as significant sources of income when they retire. According to a new survey by the retirement Corporation of America, nearly one in four Americans indicate they will look to social security for their primary source of income during their retirement years. The survey also highlights a distinct gap between what Americans think they need to have saved by the time they retire and where they expect to derive their income during their retirement years.

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1) What is ERISA? The Employee retirement Income Security Act (ERISA) passed the responsibility of retirement savings from the employer to the employee. IRAs were created in 1975 to p…

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Employer-sponsored retirement benefits are an essential component of the Dutch retirement income. While social security is fairly generous, employees rely heavily on employer-sponsored pensions during their retirement. More than 90 percent of the workforce participates in occupational or supplementary retirement plans, and for the average employee income during retirement from employer-sponsored plans is expected to be around 50 percent of pre-retirement income. Employer-sponsored plans have traditionally been final salary Defined Benefit (DB) plans, but there has been a very strong trend to career average DB plans in recent years.

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