Retirement

What every small business owner should be doing or thinking about before the new year.

Contract or self-employed workers who do not have access to company-sponsored retirement plans should explore the many options out there to save on their own. There are many retirement savings vehicles available to contractors, as long as they are pulling in a steady stream of income.

Different age groups have different concerns about their retirement, according to the 2011 Franklin Templeton Retirement Income Strategies and Expectations survey.

A new report by Fidelity Investments shows that the Pension Protection Act of 2006 has had a positive impact on both 401(k) plan design and participant savings behaviors.

The U.S. population of people 65 and older is now the largest in terms of size and percent of population, compared with any previous census, according to the U.S. Census Bureau. The group grew faster than the total population between 2000 and 2010.

The Pension Benefit Guaranty Corp. announced that it will increase the yearly maximum benefit a 65-year-old retiree can receive to almost $56,000 from $54,000.