Doug Dickey of DRDA, P.C. BORSA Speaks at Mid-America Lenders Conference in San Antonio

Doug Dickey recently gave a presentation titled "Working with Qualified Plan Rollovers-The Opportunity and The Issues" focusing on retiring Baby Boomers and the lack of retirement savings to pursue future goals.

San Antonio, TX August 13,2008 – Doug Dickey, CPA, in Business Advisory Services at BORSA recently spoke at the Mid-America Lenders Conference in San Antonio, TX and discussed the changes in retirement environments and demographics, including retirement pensions are becoming replaced by plans without incentives for retirees leaving the workforce. Dickey discussed that because Americans are living longer; healthier lives and jobs are becoming more technology and service oriented. American's options of how long and where to work are increasing. This, combined with lifestyle and retirement savings, changes in SBA regulations and lending have shifted the tread-off between work and leisure late in life in favor of working longer.

Dickey went on to say that although the Baby Boomer generation has not saved enough for retirement, they still do not want to decrease their standard of living in order to increase savings. They have the bulk of their savings in retirement accounts and have plans to continue working after age 65. While financial experts suggest retirement accounts should contain roughly ten times a person's annual salary, most workers nearing retirement today have only two-to- three years annual pay saved. This level of savings will only allow them to maintain their standard of living for about seven or eight years, although life expectancy past retirement age is seventeen years.

Baby Boomers with savings in their 401(k) may not realize that they can use those savings to rollover into a Business Owner's Retirement Savings Account or BORSA and use the money to fund a small business start-up, a franchise or to purchase business properties. There are no penalties, distributions or taxes to pay and they do not need to use the loan provision. They can also use their BORSA plan in conjunction with an SBA loan for their small business capital needs.

To find out more about BORSA plans and how they can be used to finance a small business after retirement, or any other time, contact the experts in BORSA plans at DRDA, P.C., at 281-954-6040 or visit them on the web at www.drdacpa.com.