Navigating Retirement Plans Can Be Confusing

If you're a business owner wanting to maximize tax savings, adding a retirement plan could save you thousands per year. Sara Johnson, QKA®, AIF®, CPFA®, is on the show to talk about when, how, and what type of plan aligns with your goals.

This might be the best time to start a plan!  Numerous tax credits are available to start your retirement plan in 2024/25– someting that has never been offered before.

Throughout our discussion, we weigh the pros and cons of each plan, assisting you in identifying which plan to choose.

Time Stamps

00:00 Introduction to Retirement Plans for Businesses

00:51 Expert Insights: Sarah Johnson's Take on Pension Plans

01:56 Deciding When to Implement a Retirement Plan

06:26 Exploring Simple IRAs and SEPs

12:43 Diving Deeper into 401k Plans and Profit Sharing

23:47 Maximizing Your 401k Contributions: Timing and Strategy

25:14 Understanding Safe Harbor 401k Plans and Deadlines

26:03 The Complexities of 401k Conversions and Setup

28:00 Federal Tax Credits and State Mandates for Retirement Plans

29:36 Choosing Between 401k, SEP, and SIMPLE Plans

32:10 The Importance of Financial Advisors in Retirement Planning

37:06 Exploring Cash Balance and Defined Benefit Plans

43:00 Navigating Retirement Plan Options and Seeking Professional Advice

Disclaimer: The information provided in this podcast is for general informational purposes only and should not be construed as professional financial advice. Always consult with a qualified financial advisor or professional before making any financial decisions. The hosts and guests of this podcast are not responsible for any actions taken based on the information presented.