8/20/2019 ATT - Garvin County News Star - It Can Wait

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FRIDAY, SEPTEMBER 18, 2015

GARVIN COUNTY

NEWS STAR

PAGE 10

If you’re a small-businessowner, you’ve always gota lot to do: marketing yourproducts or services, hir-ing employees, paying your

 bills, coping with competi-tion – the list goes one andon.

But there’s one task youmay be overlooking: estab-lishing your own retirementplan. And that’s not some-thing you want to ignore –

 because, one day, you maywant to trade in the title of

“business owner” for that of“retiree.”

Fortunately, when choos-ing a retirement plan, you’vegot some good choices.Although the various planshave different requirementsand contribution limits, theyall offer tax-deferred earn-ings, which meansyour money hasthe potential togrow faster than ifit were placed in avehicle on whichyou paid taxesevery year.

Here are some

of the most pop-ular retirementplans for small-

 business owners:•Owner-only

401(k) — Thisplan, which is also knownas an individual or “solo”401(k), is available to self-employed individuals and

 business owners with nofull-time employees otherthan themselves or a spouse.

You may even be able tochoose a Roth option foryour 401(k),

As the owner, you cancontribute to your plan as

 both an employer and anemployee; your total con-tribution limit for 2015 is$53,000, or $59,000 if you are50 or older.

•SEP IRA — If you have just a few employees orare self-employed with noemployees, you may want toconsider a SEP IRA.

You’ll fund the plan withtax-deductible contributions,and you must cover all eligi-

 ble employees. (Employeesthemselves cannot contrib-ute.) You can contribute upto 25 percent of compensa-tion, up to $53,000 annually.

(Contributions for a self-employed individual arelimited to 25 percent of com-pensation minus one-half ofself-employment taxes.)

And you can fund yourSEP IRA with many differenttypes of investments. Plus,you can establish a SEP IRAfor 2015 until April 15, 2016.

•Defined benefit plan —Pension plans, also knownas defined benefit plans, arestill around — and you canset one up for yourself if you

are self-employed or ownyour own business.

This plan has high con-tribution limits, which aredetermined by an actuarialcalculation, and as is thecase with other retirementplans, your contributions aretypically tax-deductible.

•SIMPLE IRA— A SIMPLE IRA,as its name sug-gests, is easy to setup and maintain,and it can be agood plan if your

 business has fewerthan 10 employ-

ees.Still, while a

SIMPLE IRA may be advantageousfor your employ-ees, it’s less gener-

ous to you, as far as allow-able contributions, than anowner-only 401(k), a SEPIRA or a defined benefitplan.

For 2015, your annualcontributions are generallylimited to $12,500 or $15,500if you’re 50 or older by theend of the year.

You can also make amatching contribution of up

to 3 percent of your compen-sation.A SIMPLE IRA must

 be set up between Jan. 1and Oct. 1 of any year, soif you’re interested in thisplan, you may have to waituntil 2016 to get started.

But if you’d like to set upany of the other retirementplans we’ve looked at, don’tdelay.

The sooner you put yourplan into place, the quickerit can start working for youto help you reach that daywhen you no longer have towork at all.

business & financeFINANCIAL FOCUS

Do you have a

small-business

retirement plan?

GREG HENDRIX

F INANCIAL F OCUS 

Greg Hendrix, AAMS®Financial Advisor

200 West PaulPauls Valley, OK 73075405-238-9319

Jasen R. AgeeFinancial Advisor

200 West PaulPauls Valley, OK 73075405-238-9319

OKLAHOMA CITY –A contract was awardedfor asphalt resurfacing inGarvin County, Sen. SusanPaddack and Rep. LisaBilly recently announced.

  According to the

Oklahoma Department ofTransportation, the projectwill involve about 3.2 milesof asphalt resurfacing onI-35 from the SH-19 junc-tion, extending north nearPauls Valley.

Paddack (D-Ada) saidthe State TransportationCommission awardedthe nearly $1.6 millioncontract to MarkwellPaving Company, Inc. TheOklahoma City companywas the lowest of three bid-ders for the job, said Billy(R-Purcell).

Once construction

 begins, the project is esti-mated to be completed byOctober 31, 2015.

ELECTRONIC WASTE DAY

SET FOR SEPT. 29The Pauls Valley

Recycling Center will besponsoring an ElectronicWaste Day on Tuesday,September 29, from 10 a.m.to 2 p.m.

For more infor-mation contact LisaDriskill, Marketing and

L LOklahoma House and Senate members were on hand for the Pauls Valley Chamber’s Legislative Lunch on Thursday, September 10, at the

Reynolds Recreation Center. ATT was one of the sponsors of the lunch and legislative members are shown wearing “Don’t Text and Drive”

wrist bands to remind motorists not to text while driving. Shown wearing the bands are (l-r) Rep. Charles McCall, Rep. Pat Ownbey, Rep.Bobby Cleveland, Jan Moran of ATT, Rep. Lisa Billy, Sen. Susan Paddack, Sen. Corey Brooks, U.S. Sen. James Lankford Field Representa-tive Steve Carson and PV Chamber President Sherri Wing.

ABOVE: Rep. Charles McCallspeaks to the crowd during the

PV Chamber’s Legislative Lun-

cheon. TOP RIGHT: Rep. BobbyCleveland. BOTTOM RIGHT:Rep. Pat Ownbey.

State Rep. Lisa Billy, left, speaks during the PV Chamber’s Legisla-tive Luncheon on Thursday, September 10. State Sen. Susan Pad-

dack is shown on the right. Both Billy and Paddack will term out ofoffice at the end of the 2016 legislative session.

Contract awarded for asphaltresurfacing in Garvin County 

Development Directorat the Garvin CountyCommunity Living Center,at 405-238-7351.

According to St. JudeChildren’s Research Hospital,1-in-5 children diagnosedwith cancer in the UnitedStates won’t survive.

In an effort to combatthose numbers, The StateBank of Wynnewood (SBW)is going gold this Septemberand October to raise aware-ness and funds for cancerresearch.

“September is Childhood

Cancer Awareness Monthand gold is its theme color,”said Nicholas A. Waters,the bank’s brand manager.“We’re including this month’sfocus, and use of the colorgold, in our efforts this Fall.”

SBW has focused on can-cer awareness in October thepast two-years, and used thecolor pink while fundraisingto include washing wind-shields in its drive-thru lanesand cooking hamburgers fordonations.

“We’ve helped raise-

and-donate almost $12,000toward cancer research thepast two years,” Waters said.“The bank will again matchdonations, dollar-for-dollar,up to $5,000, this year.”

The bank’s staff will kick-off fundraising this Friday,Sept. 18, by cleaning wind-shields for donations in itsdrive-thru lanes from 10 a.m.to 4 p.m.

“Every employee will be

involved,” Waters shared,“we’ll take turns in teams oftwo.”

SBW will then cook ham- burgers for donations in frontof the bank on Friday, Oct. 2,from 11 a.m. to 2 p.m. Chipsand soft drinks will also beavailable.

“All of this year’s proceedswill benefit St. Jude Children’sResearch Hospital,” Watersadded.

For more information,refer to the bank’s Facebookand Twitter pages.

State Bank of Wynnewoodto go ‘gold’ against cancer