Show notes
In episode 192 of Financially Simple, Justin continues his discussion with Jennifer McConnell of July Business Services about 401(k) funds.
There are two specific provisions of the 401(k) that are worth a closer look: Safe Harbor and Profit Sharing. Justin and Jennifer look at the Safe Harbor and Profit Sharing provisions and consider the pros and cons of each for a Small Business Owner.
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FULL TRANSCRIPTION: BLOG: Small Business Retirement Plan Comparison
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TIME INDEX:
01:04 - Exploring the Safe Harbor and Profit Sharing Provisions of a 401(k)
01:19 - Who Can Participate in a 401(k)?
02:31 - Can Minors Participate in a 401(k)?
03:09 - Do You Need to Contribute to Part-Time Employees?
04:03 - What is Safe Harbor 401(k)?
05:25 - SIMPLE Comparison
06:02 - Why Use a Safe Harbor 401(k)?
07:43 - Limitations for Small Business Owners
08:41 - How Profit Sharing Works
10:57 - How Much do Business Owners Benefit Compared to Employees?
13:51 - What is HCE and Why Does it Matter?
15:12 - Who Tests the 401(k)?
15:59 - How Much of the Money in the Plan Belongs to the Employee?
17:14 - Wrap Up
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RESOURCES:
Financially Simple Educational Website
Financially Simple on YouTube
Subscribe to the Financially Simple Newsletter
NEW Book: The Ultimate Sale - A Financially Simple Guide to Selling Your Business for Maximum Profit
July Business Services
401(k).com
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BIO:
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.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast's hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board's initial and ongoing certification requirements.
Advisors who wished to be ranked in Investopedia's Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on the number of followers and engagement on social media, primary contribution to professional industry websites, and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia's Top 100 Financial Advisors List.
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