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At what point do the fees in a retirement plan become too high to justify using?
Have a money question? Email us, ask jill [at] jill on money dot com.
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.
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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
CBS This Morning: Retirement Savings Lag
A new report shows Americans' retirement savings are not growing at the same pace as stocks, which are again hovering around record highs. Over the last decade, the average 401(k) account balance grew about 124 percent, while the Dow skyrocketed 214 percent. I joined CBS This Morning to offer some financial advice.
What to Do With Surplus Cash
Joe from Washington starts us off this week with a good problem to have. His wife basically hit the jackpot with a cookbook she wrote. Now they have royalties coming in and don’t know what they should be doing with them. Interested in the book? Check it out here.
The email marathon in hour two continues!
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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Retirement Plans for Self-Employed
Roth IRA or 403(b)
Having options is a good thing, especially when it comes to your investments. That's what prompted Lauren from New York City to reach out. Should she be contributing to her 403(b) or her Roth IRA? Or should she be using a regular brokerage account?
Have a money question? Email me here.
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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Do I Need a Life Insurance Retirement Plan?
Yet another call from a listener who's being pitched an insurance product as an additional tool for retirement. This time it's Avi in California asking about a LIRP, a life insurance retirement plan. Does he need it?
Have a money question? Email me here.
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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Are We on Track for Retirement?
How do you know if you're on track for retirement? You reach out to the Jill on Money podcast! That's what Lisette from New York did. She wanted to check-in and take the temperature on whether or not she and her husband are moving in the right direction.
Have a money question? Email me here.
Please leave us a rating or review in Apple Podcasts.
Connect with me at these places for all my content:
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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Considering a Job Offer
When considering a job offer, there are many factors to consider, perhaps none more important than the retirement plan. That's what we're discussing on the latest bonus call with Tom from the Bay Area.
Have a money question? Email us here.
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Investor Panic Prevention Plan
December has been a rough month for investors, the kind of month that makes even the most battle scarred veterans’ hold their breath and hope for a sign that the worst is over. Sorry to say that there is never such a sign, which is why the saying “they don’t ring a bell at the top or at the bottom!” came into being.