Small Business Retirement Plans Part 2: Advanced Options

Avoiding Common Mistakes When Choosing Small Business Retirement Plans In this episode of the Financial Foundry Podcast, we discuss common mistakes small business owners make when selecting retirement plans, such as choosing the wrong plan type, not fulfilling employer contribution obligations, and errors in employee eligibility and enrollment. We also explore advanced retirement planning strategies like the 7702 life insurance strategy, cash balance plans, and non-qualified deferred compensation plans, stressing the importance of professional advice to navigate these complex options. Tune in for tips on optimizing your retirement plan and avoiding pitfalls. 00:00 Introduction and Recap 01:08 Common Mistakes in Retirement Plan Selection 03:07 Avoiding Employer Contribution Pitfalls 03:58 Eligibility Rules and Plan Document Updates 05:07 Fiduciary Responsibilities and Professional Help 07:11 Advanced Retirement Strategies 07:37 Cash Value Life Insurance Strategy 12:23 Cash Balance Plans and Non-Qualified Deferred Compensation 15:08 Employee Stock Ownership Plans (ESOPs) 15:55 Conclusion and Final Thoughts