SIMPLE IRA

Small Business Bootcamp

I am often asked about the best retirement plan options for entrepreneurs and sole proprietors.

There's a lot of choices out there, and it's not always so easy to determine which plan makes the most sense, that's why on this episode we're glad to welcome back Michael Goodman for a little small business bootcamp!

As the president of Wealthstream Advisors in New York City, Michael knows firsthand what it's like to run a small business.

We'll touch on a variety of topics, including which retirement plan is the best choice for your situation.

Among the options discussed:

  • Individual Retirement Account (IRA): You can choose a traditional IRA, where you pay taxes in the future or a Roth, where you pay taxes today.

  • Simplified Employee Pension (SEP-IRA): This is a good option for those who have up to 25 employees and want to offer a retirement benefit that is easy to operate.

  • Savings Incentive Match Plan for Employees (SIMPLE IRA Plan): SIMPLE plans were aimed at slightly larger small business owners (usually up to 100 employees), who wanted to provide employees a way to save for retirement.

  • Solo 401(k) plan: Alternatively referred to as an “individual 401(k)” or “uni-401(k),” this plan is geared to small business owners who have no employees (other than a spouse) and have the capacity to sock away a lot of dough.

This special episode is part of the Small Business Podference presented by Dell Technologies.

To find more participating podcasts, search for Dell Technologies Small Business Podference on the Audacy App, Spotify or Apple podcasts at the end of this episode.

Have a money question? Email me here.

Please leave us a rating or review in Apple Podcasts.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.

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#218 Retirement Investing, 529 vs Pre Paid College Plans

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Happy Mother's Day! Your mom would probably want you to take control of your financial life, so listen up. We started the show with Katrina, who needs help with her financial priorities. Should she contribute to retirement, save more in her emergency reserve fund or pay down her mortgage? The answer is: YES!

  • Download the podcast on iTunes
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  • Download this week's show (MP3)

Jim has $200K to invest-what should he do? (We should all have such problems!) Also in the category of "I wish I were him/her": Both Allison and Roseanne have nearly $2 million saved for retirement and need guidance.

Brian asked about whether or not dividends are reinvested in the TSP plan, Erica is trying to decide between a standard 529 plan and a pre-paid tuition program (check out this description from FinAid); and Daniel is not sure whether or not he should participate in his company's SIMPLE-IRA plan.

Thanks to everyone who participated this week, especially Mark, the Best Producer in the World. Here's how to contact us:

  • Call 855-411-JILL and we'll schedule time to get you on the show LIVE