Saving on Fitness Membership Costs

The cost of a membership to your local fitness center can be pricey, especially if you are looking for a modern facility with a wide selection of the most current equipment. But there are ways to improve your physical fitness without denting your fiscal fitness.

Ways to Save on a Fitness Center Membership

Don’t Pay List Price—There are ways to save on the quoted fee schedule.

• Take advantage of free trials. They may be as short as one day or up to 30 days. It will allow you test the club’s vibe and its members.
• Search for coupons. Fitness centers may offer coupons that reduce the cost.
  Visit the fitness center website and “deal of the day” websites to see if coupons
  are available.
• Negotiate. Let the manager know you are looking around, the prices you’re being quoted and ask him or her to make a best offer. Shopping during the slow season or at the end of the month gives you greater leverage.
• Join with a friend. A fitness center may have special pricing. If they don’t, it’ll certainly increase your negotiating leverage.
• Exercise during off-peak hours. Some fitness centers, especially the 24-hour ones, may offer discounts for using the facility in off-peak hours.

Get Someone Else to Pay for It—Forward thinking employers recognize that a physically fit employee is likely to be a healthier and more productive worker. Insurance companies also like healthy people since they cost less in medical care. Ask your employer or insurance company if they offer any perks that subsidize memberships, or have any affiliation with centers that offers discounts.
Don’t Buy a Membership—The fact is that many Americans’ resolve to exercise can be ephemeral, leaving them with membership bills that keep coming. To protect against this risk, consider:

• Buying a month-to-month membership until you’re sure you’re going to stick with it.
• Starting your new exercise regime by buying an exercise video or walking/running outdoors.

The decision to exercise is always a good one. Now, make the decision that will also be good for your bank account.

Resource: http://www.authenticcounsel.com/resource-center/lifestyle/saving-on-fitness-membership-costs

Choosing a Retirement Plan that Fits Your Business

One survey found that 53% of nation’s nearly six million small businesses may not have the retirement plan that’s most appropriate for their needs.¹
To choose a plan, it’s important to ask yourself four key questions. Their answers may help identify the plan that’s the best fit for your small business.

How much can my business afford to contribute?

The cost of contributions may be managed by the plan type.
A simplified employee pension plan (SEP) is funded by employer contributions only. SEP contributions are made to separate IRAs for eligible employees.²
Savings incentive match plan for employees of small employers (SIMPLE) IRAs blends employee and employer contributions.³ Employers either match employee contributions up to 100% of first 3% of compensation, or contribute 2% of each eligible employee’s compensation.
A 401(k) is primarily funded by the employee; the employer can choose to make additional contributions, including matching contributions.⁴
A defined benefit plan is entirely funded by employer contributions.⁵

What plan accommodates high employee turnover?

The cost of covering short-tenured employees may be reduced by eligibility requirements and vesting.
With the SEP-IRA, employees at least 21 or older and employed in three of the last five years must be covered.
The SIMPLE IRA must cover employees who have earned at least $5,000 in any prior two years and are reasonably expected to earn $5,000 in the current year.
The 401(k) and defined benefit plan must cover all employees at least 21 years of age and who worked at least 1,000 hours in a previous year.
Vesting is immediate on all contributions to the SEP-IRA, SIMPLE IRA and 401(k) employee deferrals, while a vesting schedule may apply to 401(k) employer contributions and defined benefit.

Do I want to maximize contributions for myself (and my spouse)?

The SEP-IRA and 401(k) offer higher contribution maximums than the SIMPLE IRA. For those business owners who are starting late, a defined benefit plan may offer even higher levels of allowable contributions.

My priority is to keep administration easy and inexpensive?

The SEP-IRA and SIMPLE IRA are straightforward to establish and maintain. The 401(k) can be more onerous, but complicated testing may be eliminated by using a Safe Harbor 401(k). Generally, the defined benefit plan is the most complicated and expensive to establish and maintain of all plan choices.

1. Fidelity Investments, February 22, 2012; (most recent information available). The online survey conducted among 638 owners of business with few than 100 employees.
2. Like a Traditional IRA, withdrawals from SEP-IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. Generally, once you reach age 70½, you must begin taking required minimum distributions.
3. Like a Traditional IRA, withdrawals from SIMPLE IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. Generally, once you reach age 70½, you must begin taking required minimum distributions.
4. Distributions from 401(k) plans are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. Generally, you must begin taking required minimum distributions no later than April 1 of the year after you reach age 70½.
5. Distributions from defined benefit plans are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. Generally, once you reach age 70½, you must begin taking required minimum distributions.

Resource: http://www.authenticcounsel.com/resource-center/retirement/choosing-a-retirement-plan-that-fits-your-business