The 401k is just one example of a qualified retirement plan. There are other types of qualified plans business owners should consider, as well. What are those plans? What’s the difference between them? And how can you design your overall retirement plan strategy for maximum benefit to employees, the company, and you? In Episode 29 of #The3WinsPodcast, Russ Clemmer sits down with Nick Westmoreland who shares his insights and expertise. Nick is a Qualified Plan Financial Consultant (QPFC) at ERISA Services, Inc., a third-party administrator focused on retirement plan design and tax-advantaged savings plans for small to mid-sized businesses. You don’t want to miss this episode if you’re a business owner looking for new strategies to attract and retain employees in a tight labor market. Nick talks about… ✅ Key questions to ask when designing a 401k plan. ✅ The difference between a defined contribution plan and a defined benefit plan. ✅ Who is a good fit for cash balance plans. ✅ How owners can help employees get the most out of their retirement plan. ✅ The importance of education when administrating qualified plans. ✅ How the greatest transfer of wealth from generation to generation is happening right now. Connect with the Guest: Nick Westmoreland, partner at Erisa Services Nick Westmoreland on LinkedIn: Link to Erisa Services: Connect with the Host: Russ Clemmer, president of Legacy Advisory Partners Russ Clemmer on LinkedIn: The 3 Wins Podcast is presented by Legacy Advisory Partners: Connect with the Producer: Sean Lyden, CEO, Lyden Communications Sean Lyden on LinkedIn: The 3 Wins is produced by Lyden Communications LLC: To learn more about how to apply The 3 Wins Framework in your business, download our FREE whitepaper, “The 3 Wins: How to Unleash the Collaboration Effect on Profits in Your Company” here: The Great 8: A New Paradigm for Leadership, by J. David Harper, Jr., CEO of Legacy Advisory Partners Disclaimer: Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer member FINRA/SIPC. Advisory services through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Cambridge and Legacy Advisory Partners are not affiliated. Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Cambridge Investment Research, Inc., a registered Broker/ Dealer, Member FINRA/SIPC....(read more)
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E29: Qualified Retirement Plan Strategies retirement planning is an essential aspect of financial management, and one of the most effective tools for securing a comfortable post-work life is a qualified retirement plan. These plans offer attractive tax advantages and can help individuals accumulate enough assets to sustain their desired lifestyle during retirement. E29, or Episode 29, of the English version of the OpenAI Codex Podcast focuses on exploring various strategies for maximizing the benefits of qualified retirement plans. A qualified retirement plan is a government-approved savings vehicle that allows individuals to set aside funds for retirement on a pre-tax basis. Contributions made to these plans grow tax-deferred until retirement, at which point withdrawals are subject to income tax. The most common types of qualified retirement plans include 401(k)s, 403(b)s, and Individual Retirement Accounts (IRAs). One of the primary strategies discussed in E29 revolves around taking full advantage of the employer match in company-sponsored retirement plans. Many employers offer a matching contribution based on the employee's contributions, up to a certain percentage of their salary. This match is essentially free money, and individuals should strive to contribute enough to maximize this benefit. Another strategy discussed in the episode is the importance of starting early and consistently contributing to retirement plans. Compound interest plays a crucial role in growing retirement savings over time, and the earlier individuals begin saving, the more time their investments have to grow and generate returns. By contributing consistently, individuals can take advantage of dollar-cost averaging, buying more shares when prices are low and fewer when prices are high. Diversification is another key concept emphasized in E29. Allocating retirement plan contributions across different asset classes, such as stocks, bonds, and real estate, helps mitigate risk and increase the potential for long-term growth. By diversifying their investment portfolio, individuals reduce their exposure to any single investment's performance, ensuring a smoother and more stable retirement fund. Tax planning is also mentioned as a significant strategy in managing qualified retirement plans. Individuals have the option to contribute to either Traditional or Roth IRAs. Traditional IRAs offer upfront tax deductions, reducing the taxable income for the respective year, but withdrawals during retirement are taxable. In contrast, Roth IRAs do not offer immediate tax deductions but allow for tax-free withdrawals during retirement. Choosing the best option depends on an individual's current and projected tax situations. In addition to these strategies, E29 also touches upon some lesser-known aspects of qualified retirement plans, such as catch-up contributions for individuals aged 50 and above, in-service withdrawals, and rollovers between different retirement plans. Exploring these options can provide individuals with more flexibility and control over their retirement savings. Overall, E29 of the OpenAI Codex Podcast presents an informative discussion on strategies to maximize the benefits of qualified retirement plans. By capitalizing on employer matches, starting early and contributing consistently, diversifying investments, and understanding tax implications, individuals can effectively plan for a financially secure retirement. It is crucial to stay updated on the rules and regulations surrounding retirement plans, as they may change over time, and consulting with a financial advisor can provide personalized guidance suited to individual needs and goals. https://inflationprotection.org/e29-effective-strategies-for-qualified-retirement-plans/?feed_id=110496&_unique_id=6495c1cc09e88 #Inflation #Retirement #GoldIRA #Wealth #Investing #FinancialServices #retirementplanning #QualifiedRetirementPlan #FinancialServices #retirementplanning
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