Growth & Inspire
I am inspired by the vines that grow outside our house. Everyday, it climbs higher and higher.
Learning is the same. If you keep learning, you will climb higher and higher. .
Cash Balance Plan with Ricky Atamian, October Three
In this episode, Bonnie Yam explores cash balance plans with a guest expert. They compare these plans to 401(k)s, focusing on unique employee benefits. Key topics include workforce demographics, nondiscrimination, vesting, and forfeiture. Listeners learn about identifying ideal candidates, income consistency, and the IRS permanency rule. The episode also covers costs, expenses, market return dynamics, and fixed rate interest credits. It examines pooled accounts, in-service distributions, and strategies for maximizing deductions, highlighting investment flexibility. The episode wraps up with contact information and closing remarks.
Key Points
- Cash balance plans provide a higher tax-advantaged retirement savings opportunity compared to traditional 401(k) plans, especially for older business owners.
- The administration of cash balance plans is typically handled by actuaries, simplifying the process for business owners and ensuring compliance with complex regulations.
- Consistent high income is crucial for the feasibility of cash balance plans, as contributions are mandatory and need to be maintained annually.
Chapters
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| 1:22 | |
| 3:47 | |
| 5:42 | |
| 7:01 | |
| 8:34 | |
| 10:52 | |
| 12:21 | |
| 14:22 | |
| 19:05 | |
| 21:16 | |
| 23:11 | |
| 24:57 | |
| 25:39 | |
| 26:13 |
Transcript
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