Sep 23, 2019
In episode 193 of Financially Simple, Justin and Jennifer McConnell take a look at adding a Cash Balance to a 401k plan.
As a successful business owner, the provisions of the 401k might be too limiting, and you might want to increase the amount that you can put away - a Cash Balance might be the answer. Justin and Jennifer explain what a Cash Balance plan is, how it works, and who it’s for.
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BLOG: Small Business Retirement Plan Comparison
01:13 - Adding a Cash Balance to a 401k Plan
03:32 - What is a Cash Balance Plan?
05:15 - How Much You Can Save?
08:27 - A Client Case Study
11:58 - The Stable Company Requirement
15:31 - Compensation, Personal Deferral, Profit Sharing…
16:32 - The Role of the Actuary
17:13 - Handle With Care
19:18 - How Long do They Last?
20:35 - Wrap Up
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Justin A. Goodbread, CFP®, CEPA,
CVGA, is a nationally recognized financial planner, business
educator, wealth manager, author, speaker, and entrepreneur. He has
20+ years of experience teaching small business owners how to
start, buy, grow, and sell businesses. He is a multi-year recipient
of the Investopedia Top 100 Advisor and 2018 Exit Planning
Institute’s Exit Planner Leader of the Year.
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