Episode 138: Understanding Retirement Plans: Options for Business Owners

Understanding Retirement Plans: Options for Business Owners In this episode of Therapy for Your Money we discusses the different retirement plans available to business owners. She details four main business retirement plans: traditional 401k, Safe Harbor 401k, Simple IRA, and SEP IRA. Julie outlines the benefits, limitations, and eligibility criteria for each plan, highlighting how these can align with various business scales and circumstances. She also introduces two personal retirement plans, the IRA and the Roth IRA, noting that business owners may have restricted eligibility for these. Lastly, Julie discusses the concept of ‘backdoor Roth,’ an option for high-income earners who don’t qualify for regular Roth IRAs, and mentions the impact of state-mandated retirement plans. She urges listeners to plan their retirement savings wisely by considering their financial situation and business scale. Episode Highlights 00:04 Introduction to the Podcast and Host 00:49 Understanding Retirement Plans for Business Owners 01:06 Exploring Traditional and Roth Retirement Plans 03:54 Deep Dive into 401k Retirement Plans 08:45 Exploring Simple IRA Retirement Plans 10:41 Understanding SEP IRA Retirement Plans 14:37 Personal Retirement Plans: IRA and Roth IRA 16:35 The Concept of Backdoor Roth 18:01 Importance of Consistent Retirement Savings 19:28 State-Mandated Retirement Plans 21:07 Conclusion and Legal Disclaimer Links and Resources GreenOak Accounting - www.GreenOakAccounting.com Therapy For Your Money Podcast - www.TherapyForYourMoney.com Profit First for Therapists - www.ProfitFirstForTherapists.com Profit First Academy - www.ProfitFirstForTherapists.com/Academy Podcast Production and Show Notes by Course Creation Studio