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Procrastinating about setting up a pension for your small business? Don't. Some easy options let you cheaply prepare for your retirement...and let you help employees, too.

Easy Option #1: Don't Forget About A

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

Regular Old IRA

Here's the first thing to consider--even though it sounds like a wimp-out: Maybe you shouldn't setup a pension plan all at for your small business. Maybe you should just use an individual re

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

tirement account, or IRA, and encourage employees to do the same.

You might even specially budget bonuses for yourself and for employees that get paid at year-end when people may be thinking about tax deductions

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

.

In 2007, an individual can contribute up to $4,000 a year to either a traditional IRA or a Roth-IRA.

That maybe doesn't seem very clever or sophisticated. But a $4,000 a year contribution grows to more than $

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

600,000 (in real, adjusted for inflation value). That's enough to rather easily pay a $25,000 a year retirement benefit. Note that most workers will also get between $10,000 and $20,000 in social security benefit

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

s. Which means that an IRA might just be the perfect solution for many people.

Easy Option #2: Consider A SEP-IRA

Here's another easy option--a Simplified Employee Pension IRA, or SEP-IRA.

You can setup

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

a SEP-IRA (both the plan and the worker savings accounts) by filing a bit of paperwork with an investment company like the Vanguard Group, Charles Schwab, or Fidelity. (Any of these outfits will send you paperwo

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

rk that explains how to setup your SEP-IRA in, oh, about ten minutes.)

What's neat about a SEP-IRA, as compared to the easy, non-option of just going with a traditional or Roth IRA, is that you can contribute mo

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

re money. Partners and sole proprietors, for example, can contribute up to 20% of their earnings to a SEP-IRA. Corporations can contribute up to 25% of an employee's annual wage to a SEP-IRA. Note that this cont

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

ribution can't be more than $44,000.

A sole proprietorship business that makes its owner $50,000 a year, for example, can probably pay roughly $10,000 a year into the owner's SEP-IRA account. Continued over four

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

decades, this annual savings amount grows to roughly $1,500,000 in adjusted-for-inflation dollars. That's a big enough balance to pay you a $62,000 a year retirement benefit.

One wrinkle about SEP-IRA plans. Yo

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

u generally need to cover all the adult employees of the business who've worked for you for more than three years. SEP-IRA pension plans, therefore, may be most attractive to one employee businesses and to busine

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

sses that by their nature don't employ anybody other than the owner for more than a year or two.

Easy Option #3: Go with a Simple-IRA

If neither a regular IRA or a SEP-IRA seems a good fit, you have one

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

other easy option, a SIMPLE-IRA. A Simple-IRA works like a no frills 401(k) plan. Employees can contribute up to a set amount (typically $10,000) of their pay. Employes typically must match employee contributions

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

100% up to 3% of the employee wages. This sounds terribly complicated, but let me show you an example of how this works.

Suppose an employee makes $10,000. You would need to match employee contributions, dollar

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

for dollar, up to 3% of the $10,000 in employee wages. This 3% figure equals $300. Accordingly, if the employee saves nothing out of his or her wages, you contribute nothing.

If the employee contributes $200 ou

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

t of his wages, you also contribute $200. That's a dollar-for-dollar match.

If the employee contributes $400 out of this wages, you only contribute $300. In other words, you do a dollar-for-dollar match--but onl

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

y up to the $300 mark.

Simple-IRAs present small business owners with a couple of neat benefits. First, you can easily and cheaply set them up. Typically you just file a bit of paperwork with an investment compa

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ny. (This paperwork needs to be filed typically by October 1 of the year you want to setup the Simple-IRA for.)

A second neat benefit of a Simple-IRA is that you, the owner, can still save quite a bit of money--

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

at least $10,000 a year--but you don't have to make big dollar contributions to all employees pension savings accounts. You only need to do the 3% match for those employees who decide to save some of their money.

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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More than any other item of clothing that men wear during job interviews, ties says the most about them. As such, men should read and heed the advice in this article about the types, styles and colors of ties appropriate for job interviews which is based on over twenty-five years of interviewing and being interviewed.

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