Club Management - May/June 2008 - (Page 11)

Accounting & Financial Management SERP: A Solution to Closing the Gap in Retirement Savings for Club Pros and Managers By Stephen R. Shanley W ith pension plans heading in the same direction as persimmon wood, club professionals are facing more difﬁcult retirement planning challenges, forcing them to look for alternative, tax-favored ways to boost retirement savings. Conventional 401(k) plans limit contributions to $15,500 (or $20,500 if you are over age 50) in 2008, and this is not enough for many veteran club professionals. Peak earning years are typically from ages 45 to 60, meaning it’s time to begin aggressively preparing for the kind of retirement lifestyle you want. The good news is that it might not be too late to reach your goal if you start now. And it is a good idea to assess your retirement savings immediately. According to the 2007 Retirement Conﬁdence Survey published by the Employee Beneﬁt Research Institute, many of us may have our heads in a bunker, hoping the problem will disappear. The survey shows only 30 percent of us are very conﬁdent about ﬁnancial security in retirement and more than 40 percent are somewhat conﬁdent. (Source: EBRI Issue Brief #304, April 2007) Of those surveyed, nearly 44 percent have less than $50,000 in savings. Twentyfour percent of the very conﬁdent aren’t saving at all. And, according to census data, there is a growing chance of outliving our retirement savings, as the number of people living to age 100 has increased by 63 percent since 1990. ©Dreamstime.com With a Supplemental Executive Retirement Plan, valued staff can be rewarded for years of continuity and service. Club owners and boards can tie the employee benefit to employment years, specific retirement age or other requirement. MAY/JUNE 2008 • 11 http://c63Dreamstime.com

Table of Contents Feed for the Digital Edition of Club Management - May/June 2008

Club Management - May/June 2008 Contents President’s Message Accounting & Financial Management Board Governance Wine Society Quenches Thirst for Knowledge, Camaraderie Building & Facilities Management Tennis Pro Education Increases Your Bottom Line Cover Story: BMI Golf Management Golf/Sports & Recreation Management Human & Professional Resources Relationship Building in the Internet Era The Ultimate Cellar Raid Products and Services Marketplace External & Government Influences HFTP Insight: HITEC 2008 Features Latest in Club Technology New Directions Global Outreach Advertiser Index/Advertisers.com Club Wrap

Club Management - May/June 2008

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