Small Business Retirement Plans Part 2: Advanced Options

Avoiding Common Mistakes When Choosing Small Business Retirement Plans In this episode of the Financial Foundry Podcast, we discuss common mistakes small business owners make when selecting retirement plans, such as choosing the wrong plan type, not fulfilling employer contribution obligations, and errors in employee eligibility and enrollment. We also explore advanced retirement planning strategies like the 7702 life insurance strategy, cash balance plans, and non-qualified deferred compensation plans, stressing the importance of professional advice to navigate these complex options. Tune in for tips on optimizing your retirement plan and avoiding pitfalls.

00:00 Introduction and Recap

01:08 Common Mistakes in Retirement Plan Selection

03:07 Avoiding Employer Contribution Pitfalls

03:58 Eligibility Rules and Plan Document Updates

05:07 Fiduciary Responsibilities and Professional Help

07:11 Advanced Retirement Strategies

07:37 Cash Value Life Insurance Strategy

12:23 Cash Balance Plans and Non-Qualified Deferred Compensation

15:08 Employee Stock Ownership Plans (ESOPs)

15:55 Conclusion and Final Thoughts