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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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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Host Justin Goodbread, Certified Financial Planner, Certified Exit Planning Advisor, Certified Value Growth Advisor. He is a serial entrepreneur, author, speaker, educator, Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional. The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States.