Episode 138: Understanding Retirement Plans: Options for Business Owners Artwork

Therapy For Your Money

Welcome to Therapy for your Money, a podcast about all things money and finance for private practice owners! If you are ready to feel confident and in-control of your financial life, then you are in the right spot. Therapy for our Money is hosted by Julie Herres, the CEO and Founder of GreenOak Accounting. She and her firm specialize in working with private practice owners across the United States, and have assisted hundreds of private practices with increasing their financial stability and profitability. She is on a mission to share her best practices she's learned along the way through her successful career as an accountant, discusses financial topics with a wide variety of guests, and help her listeners make data driven decisions to help their businesses.

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Therapy For Your Money

Episode 138: Understanding Retirement Plans: Options for Business Owners

April 19, 2024 • Julie Herres

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

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Profit First Academy - www.ProfitFirstForTherapists.com/Academy

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