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Financially Simple Bizcast

The Financially Simple podcast is your one-stop resource for small business owners. Gain unique insights into growing, refining, and selling businesses. You will hear ways business owners have reduced their tax liabilities, increased their income, improved office morale, saved for the retirement of their dreams, and more.
Host Justin Goodbread is a serial entrepreneur, award-winning CFP® (Certified Financial Planning professional), CEPA® (Certified Exit Planning Advisor), and CVGA® (Certified Value Growth Advisor) with years of experience guiding business owners from start to exit in their business.

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.