Podcasts about defined benefit plans

An awesome retirement is everyone's dream. Planning for that awesome retirement? Not so much, at least for some. It's hard to predict the future, and there's so much choice available for you. My guest today, a returning guest, helps her clients work through their choices, and she'll help us get started. Alexis E. Gallati is the founder and Lead Tax Strategist at Cerebral Tax Advisors and Cerebral Wealth Academy, and she's the author of the book Advanced Tax Planning for Medical Professionals. She has over 20 years of experience in high-level strategic tax planning and multi-state tax preparation, and she has trained at the highest level, holding two master's degrees. Alexis grew up in a family of physicians and is married to a private practice physician. That's why she understands how hard medical professionals work to get where they are and why she provides simple and accessible tax solutions tailored to busy physicians. In this episode Carl White and Alexis Gallati discuss:How much you can contribute to a retirement planComplexity and cost as reasons to choose an optionThe impact of having employees on your retirement plan choiceThe value of a backdoor Roth IRA. Want to be a guest on PracticeCare?Have an experience with a business issue you think others will benefit from? Come on PracticeCare and tell the world! Here's the link where you can get the process started. Connect with Alexis GallatiResources from Cerebral Tax Advisors: https://www.cerebraltaxadvisors.com/practicecare/Cerebral Tax Advisors Facebook: https://www.facebook.com/cerebraltaxCerebral Wealth Academy Facebook: https://www.facebook.com/cerebralwealthacademy YouTube: https://www.youtube.com/@cerebralwealthacademyPersonal LinkedIn: https://www.linkedin.com/in/alexis-gallati/ Connect with Carl WhiteWebsite: http://www.marketvisorygroup.comEmail:  whitec@marketvisorygroup.comFacebook:  https://www.facebook.com/marketvisorygroupYouTube: https://www.youtube.com/channel/UCD9BLCu_i2ezBj1ktUHVmigLinkedIn: http://www.linkedin.com/in/healthcaremktg 00:00 Introduction to PracticeCare with Carl White01:25 Guest Introduction: Alexis Galati02:43 Alexis Galati's Background and Expertise05:35 Understanding Retirement Plan Contributions12:53 Popular Retirement Plan Options21:35 Understanding Pro Rata Rules22:56 Navigating SEP IRA and 401k Transfers23:27 Exploring Cash Balance Plans24:02 Defined Benefit Plans and Contributions25:55 Managing Cash Balance Plans with Employees32:10 Mega Backdoor Roth Strategy34:57 Retirement Planning Strategies39:14 Final Thoughts and Practical Advice

In the fourth part of our series focused on planning for business owners, we discuss Defined Benefit (e.g., pension) plans which - when properly set up with businesses that are a good fit for the plan - can enable much higher contribution potential than Defined Contribution (e.g., 401(k)) plans. Join us to explore the factors business owners should consider when evaluating the options available to them when initially selecting, upgrading, OR adding features to an existing plan.Contact: Ben@abundancewm.comWebsite: Abundance Wealth ManagementShow music: Can We Go by The Violet NinesDISCLAIMERThe discussions contained in and referred to in this podcast are provided for educational, informational, and entertainment purposes only. The information, statements, comments, views, and opinions expressed or provided are not necessarily those of Abundance Wealth Management LLC and may not be current. Abundance Wealth Management LLC does not make any representation or warranty as to the accuracy or completeness of any of the information, statements, comments, views, or opinions contained in this podcast, and any liability therefore (including in respect of direct, indirect or consequential loss or damage of any kind whatsoever) is expressly disclaimed. Abundance Wealth Management LLC does not undertake any obligation whatsoever to provide any form of update, amendment, change or correction to any of the information, statements, comments, views, or opinions set forth in this podcast.You should not make any decision, financial, investment, trading or otherwise, based on any of the information presented in this podcast without undertaking independent due diligence and consultation with a professional wealth management advisor. You understand that you are using all information available on or through this podcast at your own risk. Hosted on Acast. See acast.com/privacy for more information.

Episode Title:Defined Benefit Plans Demystified: Expert Insights for Young CPAs with David PodellEpisode Summary:Co-host Hannah shares her experiences with tax planning and defined benefit plans, setting the stage for guest expert David Podell from Business Benefits Consultants. David demystifies defined benefit plans, emphasizing their relevance and tax advantages. The discussion covers identifying client opportunities, the importance of advisory roles, and resources for further learning.Episode Notes:"You could increase your retirement benefit, take money out of the business pre-tax, and I'm going to save you this on your taxes." -David PodellThe finer details of this episode:●       Common misconceptions about defined benefit plans and their relevance in modern financial strategies.●       Importance of collaboration with financial advisors, third-party administrators, and attorneys in implementing defined benefit plans.●       Resources available for CPAs to deepen their understanding of defined benefit plans and tax strategies.●       Encouragement for young CPAs to engage with clients and explore tailored financial solutions.Episode resources:●       Summit Virtual CFO by Anders website: https://www.summitcpa.net/●       Email us with questions or if you'd like to be a guest on the show: youngcpasuccessshow@anderscpa.com●       We're hiring! Check out our open positions: https://www.summitcpa.net/career-opportunities●       Check out Business Benefits Consulting! https://businessbenefitsconsultants.com/Timestamps:Introduction to the Episode (00:00:00)The host welcomes listeners and introduces the podcast's purpose for young accounting professionals.New Format Announcement (00:00:23)Hannah discusses the new episode format after attending a podcast convention, aiming for shorter content.Guest Introduction (00:01:00)Hannah introduces David Podell, an expert on defined benefit plans and tax planning.Complexity of Defined Benefit Plans (00:02:57)David explains the confusion surrounding defined benefit plans due to their complexity and lack of understanding.Multiple Players Involved (00:04:42)Discussion on the various professionals needed to manage defined benefit plans effectively.Trigger Words for Advisory Conversations (00:06:18)David shares key phrases that indicate a client may benefit from defined benefit plans.Selling a Business and Tax Structuring (00:08:13)Hannah discusses using defined benefit plans for tax benefits when selling a business.Retirement Planning and Asset Building (00:09:37)The benefits of using defined benefit plans for retirement savings while minimizing taxes.Plan Design Considerations (00:10:37)David emphasizes the importance of tailoring plan designs to meet specific client needs.Learning Resources for Defined Benefit Plans (00:12:46)David suggests resources for understanding defined benefit plans and associated terminology.Acronyms and Terminology Clarification (00:15:03)Discussion on common acronyms in the industry and the need for clear understanding.Importance of Coordination Among Advisors (00:16:25)The significance of having a coordinated approach among various financial advisors.Final Thoughts and Call to Action (00:19:09)David encourages listeners to evaluate clients who may benefit from defined benefit plans.Value of Defined Benefit Plans (00:20:06)Discussion on how defined benefit plans can enhance retirement benefits and provide tax savings.Call to Action (00:20:41)Encouragement for listeners to engage and ask questions about defined benefit plans.Contact Information (00:20:57)Details on how to reach Business Benefits Consultants for further inquiries and support.Gratitude and Reflection (00:21:30)Acknowledgment of the guest's insights and the value added to the listeners' understanding.Career Development Opportunities (00:21:41)Information on job opportunities for young CPAs at Summit Virtual CFO and Anders CPAs and Advisors.

Are you maximizing your financial potential while avoiding costly mistakes? Join us for an insightful conversation with James Alexander, CFP®, of Edge Financial Advisors. James shares his journey from math enthusiast to wealth advisor, offering strategies for business owners, doctors, and attorneys to optimize their finances. We explore topics like defined benefit plans, holistic financial planning, tax-saving opportunities, and leveraging AI for personalized financial management. Discover how Edge Financial helps clients retire early, achieve peace of mind, and secure their legacy. To check out the YouTube (video podcast), visit: https://www.youtube.com/@drchrisloomdphd Disclaimer: Not advice. Educational purposes only. Not an endorsement for or against. Results not vetted. Views of the guests do not represent those of the host or show.   Click here to join PodMatch (the "AirBNB" of Podcasting): https://www.joinpodmatch.com/drchrisloomdphd If you enjoyed the audio and video quality of this episode, enhance your own productions by signing up through our Descript affiliate link: https://get.descript.com/gaei637mutik Click here to check out our Amazon product of the day (affiliate): https://amzn.to/3OtE8f0 We couldn't do it without the support of our listeners. To help support the show: CashApp- https://cash.app/$drchrisloomdphd Venmo- https://account.venmo.com/u/Chris-Loo-4 Spotify- https://podcasters.spotify.com/pod/show/christopher-loo/support Buy Me a Coffee- https://www.buymeacoffee.com/chrisJx Click here to schedule a 1-on-1 private coaching call: https://www.drchrisloomdphd.com/book-online Click here to check out our e-courses and bookstore here: https://www.drchrisloomdphd.com/shop Click here to purchase my books on Amazon: https://amzn.to/2PaQn4p For audiobooks, visit: https://www.audible.com/author/Christopher-H-Loo-MD-PhD/B07WFKBG1F Follow our YouTube channel: https://www.youtube.com/chL1357 Follow us on Twitter: https://www.twitter.com/drchrisloomdphd Follow us on Instagram: https://www.instagram.com/thereal_drchrisloo Follow us on Threads: https://www.threads.net/@thereal_drchrisloo Follow us on TikTok: https://www.tiktok.com/@drchrisloomddphd Follow our Blog: https://www.drchrisloomdphd.com/blog Follow the podcast on Spotify: https://open.spotify.com/show/3NkM6US7cjsiAYTBjWGdx6?si=1da9d0a17be14d18 Subscribe to our Substack newsletter: https://substack.com/@drchrisloomdphd1 Subscribe to our Medium newsletter: https://medium.com/@drchrisloomdphd Subscribe to our LinkedIn newsletter: https://www.linkedin.com/build-relation/newsletter-follow?entityUrn=6992935013231071233 Subscribe to our email list: https://financial-freedom-podcast-with-dr-loo.kit.com/ Thank you to all of our sponsors and advertisers that help support the show! Financial Freedom for Physicians, Copyright 2024 --- Support this podcast: https://podcasters.spotify.com/pod/show/christopher-loo/support

Episode 107 discusses Investing Playbook with Ed Meek.  Ed's passion is to provide holistic financial planning and customized portfolio management solutions that fit the unique life situation of entrepreneurs and C-Suite Executives that gives you a plan to achieve the lives you have only dreamt about with a sense of confidence and freedom.Ed has 25+ years of experience as a CFP™ and is one of the nation's leading experts in Defined Benefit Plans, an extremely tax-efficient way of helping business owners and their employees save for retirement.Episode Benefits:  You can expect to learn about Investing with your own Playbook and how it will benefit you.  This Podcast series is targeted to Business Owners and C-Suite Executives.  It reflects my 34 years as a Business Owner and subsequent years as a Business Mentor and Consultant.  It focuses on the various subjects and topics to help you run a successful profitable business.  They are approximately 15-minutes long so you can listen while commuting.    Let Ed help you!  Listen now to gain actionable steps for your own Investing Playbook.  Reach out to me to be put in contact with Ed.   The Business of Business, topics are divided into 5 Categories: Management, Operations, Sales, Financial, and Personal.  Support the showHelping You Run a Successful Profitable Business !For Business Consulting or to be a Podcast Guest - Contact me at: www.bcforg.comLinkedIn: https://www.linkedin.com/in/brian-fisher-72174413/

If you're a small business owner or independent contractor with a high income and you're tired of paying excessive taxes, this podcast is for you! We explore the little-known, IRS pre-approved, retirement strategy known as the Defined Benefit Plan. Defined Benefit Plans can significantly reduce your tax burden and accelerate your retirement timeline, potentially saving you more than you ever thought possible. If you qualify, this strategy could mean tens of thousands of dollars returned to you, from the IRS, each year. As a small business owner or self-employed individual, managing your daily operations alone can be a burden. You may have thought about retirement and saved a bit, but with retirement just five to fifteen years away, you might worry that you've reinvested too much in your business and haven't saved enough. The Defined Benefit Plan is designed for high-income earners like you to help catch up on retirement savings and secure your financial future. Tune in to learn how this plan how this plan works and the intricacies of managing it!Ed's Food for thought:Chocolate sauce recipe· 2 tablespoon butter· 1/2 bar unsweetened chocolate o Baker's - for the regular versiono Ghirardelli Premium - for the decadent version· 1 cup granulated sugar· 2/3 cup of carnation evaporated milk 1 - Bring water to a boil and then lower it some to medium. 2 - Put butter and chocolate on top of the double broiler. On the bottom of the double broiler, put half to one inch of water.3 - Set the top of the double broiler on top of boiling water. Stir chocolate and butter until it's liquid4 - Stir sugar into the liquid. Once it gets too thick, slowly stir a little bit of the Carnation milk into the liquid. Then stir more sugar in until it gets too thick. Repeat the process with the Carnation milk until both ingredients are in.5 - Once it's all in and liquid continue to stir until it thickens.

Hosted by: Dr. Disha Spath Guest: Sean Mullaney, Advice-Only Financial Planner and Author of The Solo 401k: The Solopreneur's Retirement Account     Episode Highlights: Introduction: Dr. Disha Spath welcomes listeners back and introduces Sean Mullaney, President of Mullaney Financial and Tax Inc, a fee-only financial planner and tax advisor for self-employed individuals and small business owners. About Sean Mullaney: Sean shares his background, transitioning from a career in corporate tax planning to launching an advice-only financial planning firm. He discusses his award-winning blog, FITaxGuy.com, and his book The Solo 401k: The Solopreneur's Retirement Account, which has become a valuable resource on tax planning for freelancers and independent contractors. Sean's Financial Journey: Sean discusses his passion for personal financial planning and his motivation to help small business owners and entrepreneurs maximize their savings through tax-efficient retirement strategies. Understanding the Solo 401k: Sean explains the structure and benefits of the solo 401k for self-employed retirement planning, highlighting its differences from traditional 401ks and IRAs. This retirement option is designed for self-employed professionals, including “physicians with side gigs” and “freelancers,” offering flexibility in contributions and investment options. Combining W-2 Employment with Side Hustles: Sean offers strategies for combining a solo 401k with retirement planning for 1099 income when you have both W-2 earnings and independent contracting income, helping listeners maximize their retirement contributions. Alternatives to the Solo 401k: Sean reviews other self-employed retirement plans, including SEP IRAs, Simple IRAs, and Defined Benefit Plans, explaining the pros and cons of each option based on business income, structure, and goals. The Backdoor Roth IRA Strategy: Sean explains the solo 401k's compatibility with the backdoor Roth IRA strategy for high-income earners, allowing listeners to bypass the pro-rata rule and make tax-free contributions without triggering extra tax burdens. Rollover Strategies for Former Employer 401ks: Sean provides retirement rollover options for managing a previous employer's 401k. He explores the options of leaving it where it is, rolling it over to a traditional IRA, or moving it to a solo 401k, with insights on tax benefits, fees, and creditor protection. Future of Retirement Savings for Entrepreneurs: Sean shares his perspective on the trend toward Roth accounts, the tax outlook for retirees, and the impact of political dynamics on future retirement tax planning. Where to Find Sean Mullaney: Sean invites listeners to explore his blog, FITaxGuy.com, for insights on tax planning for financial independence and to check out his YouTube channel, featuring weekly personal finance videos for practical financial advice.     Key Takeaways: Solo 401k Benefits for Self-Employed Individuals: Solo 401ks offer higher contribution limits, greater flexibility in investment choices, and significant tax advantages for self-employed professionals and side hustlers. Combining Retirement Accounts for Physicians and Entrepreneurs: Professionals with both W-2 income and 1099 earnings can leverage multiple retirement accounts to maximize tax-advantaged savings. Backdoor Roth IRA Advantages: A solo 401k allows high-income earners to implement a backdoor Roth IRA strategy while avoiding pro-rata rule issues, making it especially valuable for physicians with 1099 income. 401k Rollover Considerations for Solopreneurs: Carefully weigh rollover options for former employer 401ks, focusing on factors like fees, tax rules, and creditor protection.     Recommended Resources: The Solo 401k: The Solopreneur's Retirement Account by Sean Mullaney Sean's blog: FITaxGuy.com – Covering “tax planning for financial independence” topics. Sean's YouTube channel: Sean Mullaney Videos     Thank you for tuning in to Finding Financial Freedom with The Frugal Physician! If you enjoyed this episode, please subscribe, rate, and share it with your colleagues. Stay frugal and financially free! The discussion is intended to be for general educational purposes and is not tax, legal, or investment advice for any individual. Disha and the Finding Financial Freedom with The Frugal Physician podcast do not endorse Sean Mullaney, Mullaney Financial & Tax, Inc. and their services. Guest appearances on the podcast do not constitute their endorsement of any sponsors of the Finding Financial Freedom with The Frugal Physician podcast.

In this episode of Anderson Business Advisors, Toby Mathis, Esq., speaks with Jeff Mason and Chris Hammond from Redwood Retirement on the intricacies of $100,000+ cash balance retirement plans, focusing on how innovative solutions can benefit business owners. They explore the key aspects of these plans, including what can be paid and deducted, the hurdles involved, and the flexibility they offer. The discussion covers the effectiveness of Redwood's solutions, highlighting when payments are due for the tax year and showcasing best-case examples of significant tax savings achieved through cash balance plans. Chris and Jeff also clarify the differences between Cash Balance Plans and Defined Benefit Plans, explain the limits and maximum contributions, and introduce a sample plan for effective modeling. With insights into flexibility, payroll funding, and real-world case study outcomes, this episode is a comprehensive guide to leveraging cash balance plans for optimal retirement planning and tax efficiency. Highlights/Topics: Chris and Jeff intro, Redwood Retirement and their cash balance plans Liability - what you can pay and deduct, hurdles, flexibility Redwood's solutions, proof of effectiveness When are payments due for the tax year? Best case examples of cash balance plans and their tax savings Definitions and differences - Cash Balance Plan vs. Defined Benefit Plan Limits and maximum contributions Modeling a ‘Toby Mathis plan' What all this means for business owners Flexibility, funding with payroll Favorite case study outcomes If you want to speak with Jeff and Chris - click the link below to see if their services can help you! Resources: Do you want to discuss if a Redwood Retirement Cash Balance Plan Design is right for your company?

Join Eddie Gartner as he demystifies Defined Benefit Plans, explaining how these pension plans provide a predetermined monthly benefit upon retirement. This video is perfect for anyone looking to understand how these plans can secure their financial future post-retirement.

On today's show, Dennis will detail the characteristics of Defined Benefit Plans and Defined Contribution Plans – including their advantages and disadvantages. So if you have questions about your plans, or want to better understand, this show is for you! Because every investor's needs are different, when planning for retirement, it is essential to map out a withdrawal strategy. Heidi will discuss the importance of understanding the portfolio reliance rate, which can help in planning for your future. She'll also take a look at and further discuss how volatility affects withdrawals, how to tell if an investor relies too heavily on their investment portfolio, what determines a withdrawal rate, and the value of reducing withdrawal stress. And, as always, Deann will be sure to enlighten and educate our listeners by sharing stats in regard to our current economy. We look forward to answering all your questions via air, please text or phone.  Tune in and take control!

On the Road to Retirement with Tripp Limehouse, Steve Sedahl and Tripp discuss the impact of rate cuts and potential rate hikes by the Federal Reserve on retirement. They also break down different types of annuities and their benefits, including immediate annuities, deferred annuities, fixed annuities, and indexed annuities. Tripp introduces the Green Line Principle, a safe money strategy that aims to protect investments and provide upside potential. They emphasize the importance of having a flexible retirement plan that can adapt to rate changes and market fluctuations. In this conversation, Tripp and Steve discuss various topics related to retirement planning. To connect with Tripp call 800-940-6979. Visit Limehouse Financial to learn more.See omnystudio.com/listener for privacy information.

Retirement planning has seen significant changes over the past 20 years due to shifts in the economy, demographics, technology, and regulations. The conversation covers topics such as the transition from defined benefit plans to 401(k)s, the importance of Social Security and Medicare, the need for increased revenue and reduced debt, the benefits of Roth 401(k)s and health savings accounts (HSAs), and the impact of financial technology (fintech) on the industry. Call 800-975-6717. Visit Silver Leaf Financial to learn more.See omnystudio.com/listener for privacy information.

Series 7 Top-Off Exam Lesson 15.1 Risks of Defined Benefit Plans This is Series 7 Top-Off Exam on the Risks of Defined Benefit Plans In this Lesson we outline the many risks of Defined Benefit Plans. These risks include Market Risk Interest Rate Risks Political Risks Management Risk Actuary Risks Investment Risks and more Series 7 Top-Off Exam Quiz Lesson 6 Securities Act of 1933 The Series 7 Top-Off Study Guide Audio Lessons for the New Series 7 Exam is the most comprehensive set of audio lessons which is available for the preparation to take the New Series 7 Top off Examination the course consists of 74 lessons which amounts to 32 hours and 27 min. in total length. Audio lessons are a supplement and not a substitute for the book learning that you should also be doing. Audio lessons simply allow you to learn comprehend and reinforce what you should also be learning through normal studying methods such as attending classes, reading books, and taking practice quizzes.   The full table of contents for the Series 7 Top-Off Study Guide is located here The New Series 7 Top- Off Study Guide Audio Lessons is 74 lessons and a Total Length 32 hours 27 Min   The full table of contents for the Securities Industry Essentials Exam Podcast Audio Lessons for the SIE Exam is located here Effective October 1, 2018 Financial Industry Regulatory Authority (FINRA) changed the licensing of those that wish to work in the financial services industry. There is now a required prerequisite for most of the Licensing tests and this is the Securities Industry Essentials Exam Securities Industry Essentials Exam is a new FINRA exam for prospective securities industry professionals. This introductory-level exam assesses a candidate's knowledge of basic securities industry information including concepts fundamental to working in the industry, such as types of products and their risks; the structure of the securities industry markets, regulatory agencies and their functions; and prohibited practices. Unlike the licensing exams such as the Series 4, 6, 7, 9, 10… which require the candidate to be employed by a member firm, Securities Industry Essentials Exam is open to anyone over the age of 18 including students and prospective candidates interested in demonstrating basic industry knowledge to potential employers. Association with a firm is not required, and individuals are permitted to take the exam before or after associating with a firm. Essentials exam results are valid for four years. Check out our podcast for the SIE Exam Here is a link to our other study products

Welcome back to the Armor Hour on the C-Suite for Christ Podcast Network. Today's topic is "Defined Benefit Plans" and how they can work for you. Don't miss out on this valuable information. Enjoy! About the Show: As stated unambiguously in Ephesians 6:11-13, we need to put on the full armor of God if we're going to prevail in this life.  Basically, we need to armor up.  To live a successful life where we realize our full God-given potential, however, we need to armor up in a variety of areas, including personally, professionally, emotionally, and even financially.  This show, which is hosted by Rusty Peterson, Partner at IAG Wealth Partners, will provide guidance and best practices in all of these areas.  You'll be fully equipped to stand firm, resist the devil's schemes, and live the life that God is calling you to by the time you're done listening to each episode of this powerful program! Connect with Rusty on LinkedIn: ⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/in/rustypeterson/⁠⁠⁠⁠⁠⁠⁠ Learn how you can armor up by visiting Rusty's website: ⁠⁠⁠⁠⁠⁠⁠https://iagwealthpartners.com/⁠⁠⁠⁠⁠⁠⁠ Learn more about C-Suite for Christ at https://csuiteforchrist.com --- Send in a voice message: https://podcasters.spotify.com/pod/show/c-suite-for-christ/message

Series 7 Top-Off Exam Lesson 15.1 Risks of Defined Benefit Plans This is Series 7 Top-Off Exam on the Risks of Defined Benefit Plans In this Lesson we outline the many risks of Defined Benefit Plans. These risks include Market Risk Interest Rate Risks Political Risks Management Risk Actuary Risks Investment Risks and more Series 7 Top-Off Exam Quiz Lesson 6 Securities Act of 1933 The Series 7 Top-Off Study Guide Audio Lessons for the New Series 7 Exam is the most comprehensive set of audio lessons which is available for the preparation to take the New Series 7 Top off Examination the course consists of 74 lessons which amounts to 32 hours and 27 min. in total length. Audio lessons are a supplement and not a substitute for the book learning that you should also be doing. Audio lessons simply allow you to learn comprehend and reinforce what you should also be learning through normal studying methods such as attending classes, reading books, and taking practice quizzes.     The full table of contents for the Series 7 Top-Off Study Guide is located here The New Series 7 Top- Off Study Guide Audio Lessons is 76 lessons and a Total Length over 33 hours     The full table of contents for the Securities Industry Essentials Exam Podcast Audio Lessons for the SIE Exam is located here Effective October 1, 2018 Financial Industry Regulatory Authority (FINRA) changed the licensing of those that wish to work in the financial services industry. There is now a required prerequisite for most of the Licensing tests and this is the Securities Industry Essentials Exam Securities Industry Essentials Exam is a new FINRA exam for prospective securities industry professionals. This introductory-level exam assesses a candidate's knowledge of basic securities industry information including concepts fundamental to working in the industry, such as types of products and their risks; the structure of the securities industry markets, regulatory agencies and their functions; and prohibited practices. Unlike the licensing exams such as the Series 4, 6, 7, 9, 10… which require the candidate to be employed by a member firm, Securities Industry Essentials Exam is open to anyone over the age of 18 including students and prospective candidates interested in demonstrating basic industry knowledge to potential employers. Association with a firm is not required, and individuals are permitted to take the exam before or after associating with a firm. Essentials exam results are valid for four years. Check out our podcast for the SIE Exam Here is a link to our other study products

If something seems too good to be true, it probably is (not?) When physicians hear that they could save tens of thousands of dollars in taxes by utilizing a Defined Benefit Plan for retirement saving, it sounds like a pipe dream. Before you write this retirement savings tool off, think of it like this: If something seems too good to be true, it probably is for most. But if you are a high earning physician this tax savings dream could become a reality. In today's episode, Nate interviews guest Courtenay Shipley, the founder of Retirement Planology, to better understand Defined Benefit Plans and if they are right for you.     ARE YOU GETTING ALL THE TAX BREAKS YOU REALLY DESERVE? To find out, get your copy of The Overtaxed Doctor's Retirement Investing Checklist at https://physicianfamily.com/go GOT A QUESTION? Write to us at podcast@physicianfamily.com. NOTICE Physician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account the specific situation or objectives of individuals and is not intended as recommendations appropriate for all individuals. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation.  Past performance is not indicative of future performance.  

In this episode, join me with David Podell, a seasoned expert in defined benefit plans with over 20 years of experience.Discover the exciting side of defined benefit plans—a powerful tool for high net worth entrepreneurs. David, a preferred vendor in Tax Plan IQ, breaks down the complexities, making it accessible and valuable.Explore real-life cases showcasing substantial tax savings through customized plan designs. Learn about front-loading contributions, combination plans, and the potential for six-figure tax savings. David emphasizes simplicity, efficiency, and customization for optimal results.What you'll hear in this episode:[03:16] Discusses about Defined Benefit Plan[06:11] Age Considerations and Contribution Opportunities in Defined Benefit Plans.[09:42] Contributing to Defined Benefit Plans at Different Ages.[13:33] Cost in efficient Sale[18:48] Explanation of the 401(h) component within the plan.[28:00] Secure Act and Funding Opportunities[30:30] Books and ResourcesReady to supercharge your retirement planning and discover innovative tax strategies? Tune in now! Connect with David Podell on LinkedIn at https://www.linkedin.com/in/bbconsultants/Visit David Podell's Website https://businessbenefitsconsultants.com/Connect with Jackie on Instagram @jackiemCPACheck out more of Jackie's work at https://www.jackiemeyercpa.com/

On the latest episode of “Just Compensation,” Andrew E. Graw, Taryn E. Cannataro, and Jessica I. Kriegsfeld address single-employer defined benefit plans in the context of a business transaction, and the potential liabilities inherent in maintaining the plan post-closing as well prior to the closing— especially in light of how well funded the plan is. They discuss who bears the liability for a defined benefit plan in a transaction, and what an acquirer can do to mitigate the pension liability. Speakers:Andrew E. Graw, Partner and Chair, Employee Benefits & Executive CompensationTaryn E. Cannataro, Counsel, Employee Benefits & Executive CompensationJessica Kriegsfeld, Associate, Employee Benefits & Executive Compensation

IBM sent shockwaves through the retirement industry recently when it was revealed that the tech and computing giant is halting its 5% 401(k) match in favor of a 5% contribution to a new, portable, immediate-vesting pension called a “Retirement Benefit Account.”Joining us to discuss this move and its wider implications within the retirement industry is someone who knows the defined benefit market very well in Brian McDonnell, Head of the Global Pension Practice at Cambridge Associates. There he oversees the firm's work with more than 150 plan sponsors, and also works directly with clients as their OCIO.He'll explain why the move happened, whether (and why) other plan sponsors might be considering it, and key trends he sees impacting the defined benefit space in the coming year.

In this companion episode to our look at SECURE 2.0 and defined contribution (DC) plans, Milliman employee benefits expert Nina Lantz explores how the new retirement law affects single-employer pensions. She talks with Milliman Consulting Actuary William Strange about what it means for retirement that life expectancy is rising more slowly, how companies can incentivize long-term employees, and why a reduction in insurance premiums could make corporate pension plan sponsorship appealing again. You can read the episode transcript on our website . 

Series 7 Top-Off Exam Lesson 15 SEP IRA, Defined Benefit Plans This is a sample of Series 7 Top-Off Exam Lesson 15 SEP IRA, Defined Benefit Plans   The Series 7 Top-Off Study Guide Audio Lessons for the New Series 7 Exam is the most comprehensive set of audio lessons which is available for the preparation to take the New Series 7 Top off Examination the course consists of 74 lessons which amounts to 32 hours and 27 min. in total length. Audio lessons are a supplement and not a substitute for the book learning that you should also be doing. Audio lessons simply allow you to learn comprehend and reinforce what you should also be learning through normal studying methods such as attending classes, reading books, and taking practice quizzes.   The full table of contents for the Series 7 Top-Off Study Guide is located here The New Series 7 Top- Off Study Guide Audio Lessons is 74 lessons and a Total Length 32 hours 27 Min   The full table of contents for the Securities Industry Essentials Exam Podcast Audio Lessons for the SIE Exam is located here Effective October 1, 2018 Financial Industry Regulatory Authority (FINRA) changed the licensing of those that wish to work in the financial services industry. There is now a required prerequisite for most of the Licensing tests and this is the Securities Industry Essentials Exam Securities Industry Essentials Exam is a new FINRA exam for prospective securities industry professionals. This introductory-level exam assesses a candidate's knowledge of basic securities industry information including concepts fundamental to working in the industry, such as types of products and their risks; the structure of the securities industry markets, regulatory agencies and their functions; and prohibited practices. Unlike the licensing exams such as the Series 4, 6, 7, 9, 10… which require the candidate to be employed by a member firm, Securities Industry Essentials Exam is open to anyone over the age of 18 including students and prospective candidates interested in demonstrating basic industry knowledge to potential employers. Association with a firm is not required, and individuals are permitted to take the exam before or after associating with a firm. Essentials exam results are valid for four years. Check out our podcast for the SIE Exam Here is a link to our other study products

Series 7 Top-Off Exam Lesson 15.1 Risks of Defined Benefit Plans This is Series 7 Top-Off Exam on the Risks of Defined Benefit Plans In this Lesson we outline the many risks of Defined Benefit Plans. These risks include Market Risk Interest Rate Risks Political Risks Management Risk Actuary Risks Investment Risks and more Series 7 Top-Off Exam Quiz Lesson 6 Securities Act of 1933 The Series 7 Top-Off Study Guide Audio Lessons for the New Series 7 Exam is the most comprehensive set of audio lessons which is available for the preparation to take the New Series 7 Top off Examination the course consists of 74 lessons which amounts to 32 hours and 27 min. in total length. Audio lessons are a supplement and not a substitute for the book learning that you should also be doing. Audio lessons simply allow you to learn comprehend and reinforce what you should also be learning through normal studying methods such as attending classes, reading books, and taking practice quizzes.   The full table of contents for the Series 7 Top-Off Study Guide is located here The New Series 7 Top- Off Study Guide Audio Lessons is 74 lessons and a Total Length 32 hours 27 Min   The full table of contents for the Securities Industry Essentials Exam Podcast Audio Lessons for the SIE Exam is located here Effective October 1, 2018 Financial Industry Regulatory Authority (FINRA) changed the licensing of those that wish to work in the financial services industry. There is now a required prerequisite for most of the Licensing tests and this is the Securities Industry Essentials Exam Securities Industry Essentials Exam is a new FINRA exam for prospective securities industry professionals. This introductory-level exam assesses a candidate's knowledge of basic securities industry information including concepts fundamental to working in the industry, such as types of products and their risks; the structure of the securities industry markets, regulatory agencies and their functions; and prohibited practices. Unlike the licensing exams such as the Series 4, 6, 7, 9, 10… which require the candidate to be employed by a member firm, Securities Industry Essentials Exam is open to anyone over the age of 18 including students and prospective candidates interested in demonstrating basic industry knowledge to potential employers. Association with a firm is not required, and individuals are permitted to take the exam before or after associating with a firm. Essentials exam results are valid for four years. Check out our podcast for the SIE Exam Here is a link to our other study products

There are several retrement plan optons available to business owners and employees. Dennis Jablonoski, Certfied Retrement Plan Specialist at Cordasco Financial Network, a part of Mercer Advisors joins John Walker, Regional Vice President, Mercer Advisors, to discuss IRAs, Simple, SEP and Defined Benefit Plans. Listening Time: 22 minutes Mercer-Cordasco Disclosure Information Visit Our Website Join Our Email List Additional Mercer Advisors Disclosure Cordasco Financial Network is a tradename. All services provided by Cordasco Financial Network investment professionals are provided in their individual capacities as investment adviser representatives of Mercer Global Advisors Inc. (“Mercer Advisors”), an SEC-registered investment adviser principally located in Denver, Colorado, with various branch offices throughout the United States doing business under different tradenames, including Cordasco Financial Network.  

Welcome back to the Salty Wisdom Wealth Strategies podcast. Today I am going to talk about retirement plans for small businesses. As a small business owner, you are making money so now is the time to talk about putting some of that money away in a retirement account. It's best not to rely on others when it comes to securing your retirement plans. Here are some of the retirement plans I cover today: IRA Based Plans Defined Contribution Plans Defined Benefit Plans For some of these plans, it is best to have a professional help you set them up. For anyone who is looking into retirement, send me an email. I have some great resources to guide you. You can also set up a free consultation with me, and I would be happy to help you.   In This Episode [01:54] - Welcome to Salty Wisdom Wealth Strategies! [02:03] – I give examples of small businesses. [03:05] – There are three basic retirement accounts. [06:10] – A simple IRA plan is another easy plan. [07:29] – Several plans fall under the general category of Defined Contribution. [09:36] – The Defined Benefit Plans are good for older employees. [11:48] – Let's talk about women and retirement plans. [13:14] – Women live longer than their male counterparts. [16:35] – Contributions change every year. [17:57] – Everybody needs to set up a retirement plan. [18:16] – Thank you and closing remarks.   Contact Mark Melrose Wealth Manager Unity Wealth Management 980-262-4118 m.melrose@unitywealthmanagement.com

Gil was born and raised in Philadelphia. He attended Penn State University where he was a member of Sigma Pi Fraternity and played club rugby. He relocated to Michigan nine years ago. He resides in Royal Oak. In his free time, he enjoys playing hockey and baseball, traveling, staying active, stand-up comedy and cooking. He has been a football coach for over a decade and started coaching his nephew in youth football in Rochester Hills. He is currently an assistant coach of football at Cranbrook High School coaching the varsity defensive line for the past four years. Gil likes the employee benefits role because it allows him to help small to mid-size businesses Prior to joining USI, Gil Bromley worked in the financial field as a wholesaler for over a decade at such firms as Vision 4 Fund Distributors, Lincoln Financial Insurance, Principal Financial Group, and Rock Harbor Partners. His role was distributing Long Term Care, 401k Plans, ESOP Plan, Deferred Compensation Plans, Defined Benefit Plans and Mutual Funds to wire house advisors and independent advisors at firms like Merrill Lynch, Morgan Stanley and Edward Jones in the state of Michigan.Learn More: http://www.usi.com At Inspire Wealth, we believe everyone should be able to live the retirement they've always wanted. Your financial situation is different from that of your parents, your neighbors, and even your closest friends, so a cookie-cutter approach isn't going to cut it. We can work with you to create a retirement strategy that fits your unique retirement needs — a strategy designed to get you to your goals. When you have concerns about things like how long your money will last or what will happen if you pass away before your spouse, we can help you answer those questions, too!Learn More: https://inspireyourretirement.com/The Inspired Business Leaders Podcasthttps://businessinnovatorsradio.com/the-inspired-business-leaders-podcast/Source: https://businessinnovatorsradio.com/ep-1-interview-with-gil-bromley-employee-benefits-specialist-with-usi-with-nick-bour-founder-of-inspired-wealth

Join us for a fresh-squeezed edition of the Small Business Show as we dive into a grab back of topics today including Defined Benefit Plans that can help both employees and employers lower tax liability, a look at how some employees feel about their relationship with your Small Business and […] The post Defined Benefit Plans and Taking the Employees Perspective – Small Business Show 374 appeared first on The Small Business Show.

Series 7 Top-Off Exam Lesson 15 SEP IRA, Defined Benefit Plans This is a sample of Series 7 Top-Off Exam Lesson 15 SEP IRA, Defined Benefit Plans   The Series 7 Top-Off Study Guide Audio Lessons for the New Series 7 Exam is the most comprehensive set of audio lessons which is available for the preparation to take the New Series 7 Top off Examination the course consists of 74 lessons which amounts to 32 hours and 27 min. in total length. Audio lessons are a supplement and not a substitute for the book learning that you should also be doing. Audio lessons simply allow you to learn comprehend and reinforce what you should also be learning through normal studying methods such as attending classes, reading books, and taking practice quizzes.   The full table of contents for the Series 7 Top-Off Study Guide is located here The New Series 7 Top- Off Study Guide Audio Lessons is 74 lessons and a Total Length 32 hours 27 Min   The full table of contents for the Securities Industry Essentials Exam Podcast Audio Lessons for the SIE Exam is located here Effective October 1, 2018 Financial Industry Regulatory Authority (FINRA) changed the licensing of those that wish to work in the financial services industry. There is now a required prerequisite for most of the Licensing tests and this is the Securities Industry Essentials Exam Securities Industry Essentials Exam is a new FINRA exam for prospective securities industry professionals. This introductory-level exam assesses a candidate's knowledge of basic securities industry information including concepts fundamental to working in the industry, such as types of products and their risks; the structure of the securities industry markets, regulatory agencies and their functions; and prohibited practices. Unlike the licensing exams such as the Series 4, 6, 7, 9, 10… which require the candidate to be employed by a member firm, Securities Industry Essentials Exam is open to anyone over the age of 18 including students and prospective candidates interested in demonstrating basic industry knowledge to potential employers. Association with a firm is not required, and individuals are permitted to take the exam before or after associating with a firm. Essentials exam results are valid for four years. Check out our podcast for the SIE Exam Here is a link to our other study products

Howdy everyone, and thanks again for tuning in to The Jeffersonian Tradition. In today's episode, we begin a new trilogy on Defined Benefit Plans, otherwise known as pensions. In this trilogy, we will discuss the pros and cons of this type of retirement plan as compared to Defined Contribution Plans, otherwise known as 401(k) style plans. If you want me to cover a topic or elaborate further on any given episode, then reach out to me through the show's private MeWe group, or by contacting me at the show email address, which is mrjeffersonian@outlook.com. If you find value in the podcast, please consider becoming a supporting listener. One-time contributions can be sent to the show's cash app, http://cash.app/$MrJeffersonian. Recurring contributions can be made through the Anchor supporting listener link. Thanks again for tuning in to The Jeffersonian Tradition! If you want to join our group and have more sane and rational discussions, the sign up for MeWe today: https://mewe.com. --- Support this podcast: https://anchor.fm/mr-jeffersonian/support

Defined Benefit Plans for small business owners represent the largest yearly retirement plan contribution option available, and likely present a significant tax savings opportunity.  Steve Cordasco and CFN's Tim Joseph, CPA, discuss Defined Benefit Plans with guest Philip Pirio, Senior Design Consultant with Dedicated Defined Benefit Services. They discuss important details of Defined Benefit Plans and the roles financial planners, CPAs, and plan administrators have in designing and implementing this often overlooked retirement plan option for small business owners. Listening Time: 30 minutes

Listen to Dr. Ruilin Tian, Ph.D., Professor of Finance, North Dakota State University and Caspar Young FSA, FCIA, CERA discuss De-risking Strategies of Defined Benefit Plans: Empirical Evidence from the United States  with host, R. Dale Hall, FSA, CERA, MAAA, CFA, SOA Managing Director of Research. We welcome your questions or comments at researchinsights@soa.org

Show Description: Today’s show starts off with Jason and Alex sharing stories about trucks and the potential benefits of depreciating company vehicles warming into the topic for discussion. Tax Planning.Jason begins the discussion by reminding listeners that now is the right time to start tax planning for 2021 tax year, while you are doing your taxes for 2020. Alex adds that tax planning is one of the least enjoyable planning exercising and unfortunately most individuals are just happy to get it over with and not investigate forward planning. Alex suggests that when you are with your tax advisor completing your 2020 returns ask for a list of action items that you could have done in 2020 that would have reduced your taxable exposure. Tip #1Max out your retirement savings. Maxing out your 401(k) contribution allows you to defer taxable income. In 2021 you can defer 100% of your income up to $19,500 or 26,000 if you are 50 years or older. Individual Retirement Accounts (IRA) are also an investment vehicle not to be overlooked and can be utilized up until tax filing deadline of April 15th. Contribution limits for 2020 and 2021 in these investment vehicles are 6,000 and 7,000 for individuals 50 years old or older. Jason and Alex continue to share tax benefit options for different types of professions and businesses. Alex introduces Cash Balance and Defined Benefit Plans to the conversation and asks Jason to share his experience working with key self-employed clients on their complex business and retirement planning. Jason shares the benefits of these tax-deferred retirement vehicles and the large dollar amounts that can be deferred when tax planning is executed properly. Jason also touches on geographically relocating in retirement to reduce tax obligations. Alex chimes in sharing his experience while working with business owners and that although these retirement vehicles may be a bit intimidating and difficult to comprehend at first, it is worth checking out because it can be a huge game changer. Profit Sharing in a 401(k) is another component that is worth evaluating and utilizing if you are a business owner. Jason shares a story about a group of doctors and their experience utilizing the profit-sharing component within their group 401(k). Alex adds that the small business owner is the heartbeat of the country and like most individuals they are also looking for ways to not pay too much of their earnings toward taxes. This is a conversation worth starting up with IDA. The best tax advantaged investment vehicles available are offered to business owners. Jason adds that they are not too complex and well worth the time to understand. So please call Intelligence Driven Advisers to start a conversation. The last tax planning investment vehicle discussed is a Health Savings Account (HAS). If you have a high deductible health insurance plan you most likely are eligible to contribute to an HAS account. For 2021, maximum contribution for a family is 7200. Funded with pretax dollars and distributions eligible to be tax free if used for qualified medical expenses. This investment vehicle over a 30-year life span this will generate significant tax savings. Jason and Alex close the show with discussing some of the tax strategies that Intelligence Driven Advisers implements with all clients, specifically tax harvesting and the steps involved in properly executing this strategy. In this show you will learn about:- Individual Retirement Investment Vehicles- Tax advantaged Investment Vehicles for Business Owners- Benefits of Tax Planning

Show Description: Today’s show starts off with Jason and Alex sharing stories about trucks and the potential benefits of depreciating company vehicles warming into the topic for discussion. Tax Planning.Jason begins the discussion by reminding listeners that now is the right time to start tax planning for 2021 tax year, while you are doing your taxes for 2020. Alex adds that tax planning is one of the least enjoyable planning exercising and unfortunately most individuals are just happy to get it over with and not investigate forward planning. Alex suggests that when you are with your tax advisor completing your 2020 returns ask for a list of action items that you could have done in 2020 that would have reduced your taxable exposure. Tip #1Max out your retirement savings. Maxing out your 401(k) contribution allows you to defer taxable income. In 2021 you can defer 100% of your income up to $19,500 or 26,000 if you are 50 years or older. Individual Retirement Accounts (IRA) are also an investment vehicle not to be overlooked and can be utilized up until tax filing deadline of April 15th. Contribution limits for 2020 and 2021 in these investment vehicles are 6,000 and 7,000 for individuals 50 years old or older. Jason and Alex continue to share tax benefit options for different types of professions and businesses. Alex introduces Cash Balance and Defined Benefit Plans to the conversation and asks Jason to share his experience working with key self-employed clients on their complex business and retirement planning. Jason shares the benefits of these tax-deferred retirement vehicles and the large dollar amounts that can be deferred when tax planning is executed properly. Jason also touches on geographically relocating in retirement to reduce tax obligations. Alex chimes in sharing his experience while working with business owners and that although these retirement vehicles may be a bit intimidating and difficult to comprehend at first, it is worth checking out because it can be a huge game changer. Profit Sharing in a 401(k) is another component that is worth evaluating and utilizing if you are a business owner. Jason shares a story about a group of doctors and their experience utilizing the profit-sharing component within their group 401(k). Alex adds that the small business owner is the heartbeat of the country and like most individuals they are also looking for ways to not pay too much of their earnings toward taxes. This is a conversation worth starting up with IDA. The best tax advantaged investment vehicles available are offered to business owners. Jason adds that they are not too complex and well worth the time to understand. So please call Intelligence Driven Advisers to start a conversation. The last tax planning investment vehicle discussed is a Health Savings Account (HAS). If you have a high deductible health insurance plan you most likely are eligible to contribute to an HAS account. For 2021, maximum contribution for a family is 7200. Funded with pretax dollars and distributions eligible to be tax free if used for qualified medical expenses. This investment vehicle over a 30-year life span this will generate significant tax savings. Jason and Alex close the show with discussing some of the tax strategies that Intelligence Driven Advisers implements with all clients, specifically tax harvesting and the steps involved in properly executing this strategy. In this show you will learn about:- Individual Retirement Investment Vehicles- Tax advantaged Investment Vehicles for Business Owners- Benefits of Tax Planning

Series 7 Top-Off Exam Lesson 15 SEP IRA, Defined Benefit Plans This is a sample of Series 7 Top-Off Exam Lesson 15 SEP IRA, Defined Benefit Plans   The Series 7 Top-Off Study Guide Audio Lessons for the New Series 7 Exam is the most comprehensive set of audio lessons which is available for the preparation to take the New Series 7 Top off Examination the course consists of 74 lessons which amounts to 32 hours and 27 min. in total length. Audio lessons are a supplement and not a substitute for the book learning that you should also be doing. Audio lessons simply allow you to learn comprehend and reinforce what you should also be learning through normal studying methods such as attending classes, reading books, and taking practice quizzes.   The full table of contents for the Series 7 Top-Off Study Guide is located here The New Series 7 Top- Off Study Guide Audio Lessons is 74 lessons and a Total Length 32 hours 27 Min   The full table of contents for the Securities Industry Essentials Exam Podcast Audio Lessons for the SIE Exam is located here Effective October 1, 2018 Financial Industry Regulatory Authority (FINRA) changed the licensing of those that wish to work in the financial services industry. There is now a required prerequisite for most of the Licensing tests and this is the Securities Industry Essentials Exam Securities Industry Essentials Exam is a new FINRA exam for prospective securities industry professionals. This introductory-level exam assesses a candidate’s knowledge of basic securities industry information including concepts fundamental to working in the industry, such as types of products and their risks; the structure of the securities industry markets, regulatory agencies and their functions; and prohibited practices. Unlike the licensing exams such as the Series 4, 6, 7, 9, 10… which require the candidate to be employed by a member firm, Securities Industry Essentials Exam is open to anyone over the age of 18 including students and prospective candidates interested in demonstrating basic industry knowledge to potential employers. Association with a firm is not required, and individuals are permitted to take the exam before or after associating with a firm. Essentials exam results are valid for four years. Check out our podcast for the SIE Exam Here is a link to our other study products

Proper tax planning and strategy are key to keeping the wealth that one builds with real estate investing. In this episode of Real Wealth, Real Health, we turn our eyes to the ever-important topics of taxation and retirement planning, as we welcome Paul Sundin of Sundin & Fish PLC. Paul is a CPA who specializes in tax & retirement planning. During this in-depth discussion, we dive into the world of taxes, specifically as it relates to how real estate investors should envision tax planning & preparation, how different investment types will affect their tax liability, and the types of retirement accounts that maximize tax savings, regardless of your stage in financial growth & development. Our thorough conversation delves into the various advantages and disadvantages of investing in real estate, covering the mechanics of tax deductions: from investment income, the different structures your real estate investment can take on (and their pros & cons), and the most important things to consider when investing in multiple properties each year. We also dedicate some time to the merits of Defined Benefit Plans in retirement planning, as this retirement vehicle is not well known, but can be a significant boon to wealthy investors who want to increase their yearly retirement contributions, beyond the limits of a 401K or IRA. Finally, we address some more contemporary issues, such as how cryptocurrency can factor into your retirement & tax planning, and the risks involved in doing so. Key Insights: · The tax implications of real estate investing, especially through different investment vehicles, and in multiple states · How investing in real estate through syndications can provide significant benefits in the form of depreciation · The difference between debt and equity investing, especially from an investor’s perspective · Preparing to maximize tax efficiency in the current political environment · The benefits and risk factors associated with establishing a Defined Benefit Plan for retirement, and how investors can open one up for themselves · What should be contributed to a Defined Benefit Plan vs. a 401K ------ Subscribe to this podcast to build your healthy financial foundation through expertise, insights, strategies, tactics, wisdom, and inspiration from Alpha Investing’s community of professionals, advisors, investors, and members: Apple — Spotify — Google — TuneIn — Stitcher Guest Bio: Paul Sundin is a CPA and tax strategist. He is a partner at Sundin & Fish, PLC in Chandler, Arizona and owner of Emparion, a retirement structuring firm. With a worldwide client base, he specializes in tax planning and retirement structuring for business owners and entrepreneurs. In addition to being a CPA, he is also an author, speaker and consultant. His professional mission is to educate taxpayers on tax policy, personal finance and retirement planning. With 20+ years of experience, Paul provides a comprehensive and personal approach that is different than most CPAs. His approach starts with educating his clients on effective and practical ways of reducing their tax liability and achieving their financial goals. He brings a depth of insight and personal engagement to his client services. Resources: Real Wealth Real Health Alpha Investing podcast@alphai.com https://www.sundincpa.com/ https://www.emparion.com/about-us/ Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of the Hightower Bethesda podcast, Leah Jones, Director of Financial Planning for Hightower Bethesda, talks to Philip Pirio, Senior Plan Design Consultant for Dedicated Defined Benefit Services about defined benefit plans for business owners with no employees and 1099 income. Listen to how these plans are a great way to maximize retirement savings and minimize taxes. Phil discusses these plans with real world examples, what to keep in mind when setting one up and what happens if you terminate the plan.   “The closer you are to retirement age, the fewer years you have to put into that plan to reach the goal that's defined as the benefit. Therefore, the contributions get higher.” -Philip Pirio [10:46]   What You Will Learn:   [01:11] Narrowing the conversation [03:14] What is a defined benefit plan [06:25] Some contribution factors [11:43] How this applies for someone who makes $1 million [13:07] How to figure out how much to stash away [15:48] What to think about when setting up a defined benefit plan [20:27] What happens if you terminate the plan [23:41] The maximum amount to put into a defined benefit plan [25:48] Some real world examples [32:39] Deadlines and taxes [37:50] Phil's closing thoughts   Our Contacts: Website: http://bethesda.hightoweradvisors.com/ LinkedIn: https://www.linkedin.com/company/hightowerbethesda/ Facebook: https://www.facebook.com/HightowerBethesda/ Twitter: https://twitter.com/LeahPlans4You   Resources:   Visit our website: https://bethesda.hightoweradvisors.com   Visit Dedicated Defined Benefit Services: https://www.dedicated-db.com/  

Karl Willman helps us better understand what a cash balance & a defined benefit plan are. Karl has over 10 years of experience administering and designing defined benefit plans, specializing in cash balance plans. He uses his experience to walk us thru the basics of these plans.Stick around to the end to learn the basics of cash balance plans and how you can potentially benefit from a cash balance or a defined benefit plan.Arista Wealth Management8876 Spanish Ridge Ave.Suite 202Las Vegas, NV 89148Phone: (877) 309-9970Email: support@aristawealth.comWebsite: https://aristawealth.com/Do you have a question or a topic you would like discussed? Maybe you would like to be on our podcast. Reach out to us at support@aristawealth.com with the subject: Podcast.

Jeff and Jen discuss Pensions, including Defined Benefit Plans and Defined Contribution Plans. To learn more about the Cutter Financial Group, click here.

Dentists, like other professionals, should develop a solid financial plan to build wealth and prepare for retirement. Planning for financial independence while building their dental practice is an issue that concerns dentists at all stages of their career, whether they’re just starting out, growing to multiple locations, or preparing to sell their practice in preparation for retirement. Developing a financial plan with the guidance of a team of professional advisors helps them meet their unique current and future goals and will continue to evolve throughout the various life stages.  In this episode of The Art of Dental Finance and Management podcast, Art meets with Ryan Weigel, CPA, CFP and Zachary Schnitzler, CEPA, CLCS of Eide Bailly Financial Services about the financial planning process for dentists. Ryan and Zachary emphasize why financial plans are so important, major pitfalls to avoid (typically not having any financial plan), as well as what steps dentists can take to ensure success. They also discuss some of the essential elements of a solid financial plan: Budgeting Debt reduction Student loans Retirement savings Insurance coverage Children’s education Estate planning Reach out to Art if you have any questions regarding dental finance and management for your dental practice. More information about the Eide Bailly dental team can be found at www.eidebailly.com/dentist.   [CALL OUT BOX – We Can Help Button] Let us help you build a solid financial.   [cta: www.eidebailly.com/financialfuture]     The Transcript   Art Wiederman, CPA And hello everyone, and welcome to another episode of The Art of Dental Finance and Management with Art Wiederman, CPA. I am your host, Art Wiederman. It's a pleasure for me to be joining you today and sharing some information. I am a dental division director at the CPA firm of Eide Bailly. Our CPA firm represents about 800 dentists and today's topic is, goes to the core of what this podcast series is about. It's called The Art of Dental Finance and Management.   And today we're going to be talking about a financial plan. I've done podcasts on the 10 Biggest Financial Mistakes Dentists Make, and I've talked about retirement planning. But today I have two really great experts from our firm, Ryan Weigel and Zach Schnitzler. And Zach and Ryan are going to go ahead and talk about financial planning. They're part of our financial planning group.   We're going to talk about why do you need a financial plan? What is a financial plan and what are the biggest mistakes we see dentists making. Because they're working with dentists and other professionals all over the place and they have a really neat retirement planning module. And I'm going to talk about insurance. So we're going to get to that in a couple of minutes.   I do have some information for you that I want to share with you first about our partners. And then about something that happened yesterday that came out from Treasury. We're recording today, which is November the 19th, which is Thursday. So I'll talk about that in a second. A couple of rulings and procedures that came out from IRS that is, unfortunately, folks not going to make anybody happy. But we'll talk about that in a second.   I would really like for you guys to take a look at our partner, Decisions in Dentistry www.DecisionsinDentistry.com. Great, great, great clinical content, continuing education courses. They have been a wonderful partner of ours in working with us on the podcast and sharing great information for dentists on clinical dentistry.   Also our Academy of Dental CPAs, which is www.ADCPA.org. 24 CPA firms across the U.S. that represent over 10,000 dentists. We are, at Eide Bailly, one of the members of that group. And I've got some great information for you, too.   We are putting together here in Southern California a one year long series on the business side of dentistry, six local dental societies in Southern California, and I have no problem mentioning them by name - the Harvard Dental Society, the Orange County Dental Society, both the Los Angeles and the West Los Angeles Dental Societies, the San Gabriel Valley Dental Society and the San Fernando Valley Dental Society. I am putting together, through Eide Bailly, a wonderful, wonderful year-long series which is going to begin, put on your calendar, because I'm inviting all of my podcast guests, because the great thing about doing stuff virtually is anybody can join. You don't have to get on an airplane or book a hotel room and these are free. These are not going to cost anything and the information is going to be fantastic.   So the first one is going to be on December the 9th, which will be from 6:00 to 8:00 p.m. and it's going to be on year-end tax planning and the research and development income tax credit for dentists. So if you would like to register, the page is either up or will be up very shortly. You can register for the webinar and if you register, they'll send you the link. You go to www.EideBailly.com/dentalseries.   And in fact, as part of this dental series, one of the series, which is going to be every month in 2021, we're going to start with December and then it'll start in January and February. And every month after that. One of the series is going to be these two gentlemen that you're going to hear today is going to talk about in much more depth than we can do on a podcast. We're going to be talking about financial planning and we're actually going to do a case study or two on the webinar with the software, which is really, really cool. So www.EideBailly.com/dentalseries.   And also if you're interested in the R&D tax credit www.eidebailly.com/dentalrd. Put in your information and our team will give you a call. So I want to talk before I get to Zach and Ryan. I want to talk about what came out yesterday and what came out yesterday. We knew it was coming. And in fact, our previous podcast with Mel Schwarz. Mel emailed me two days after we recorded and he said, Art do we need to rerecord because this is coming down the pike.   So I've been talking to you guys about the PPP loans and whether the expenses that you pay are deductible. Remember, your PPP loan is not taxable when you have it forgiven. So back in April, I think it was actually April, late April, early May, Treasury came out with Notice 2020-32 that said the expenses are not deductible, but they didn't give us any details. So I have taken the position on this podcast that if you have a forgivable loan, that and it's not forgiven by the end of the year and you're a cash basis taxpayer. I've been a CPA for a long time. 36 years. And the law says if you don't have a forgivable event, then those expenses are deductible.   Until yesterday. Revenue 2020-27 came up with two situations. Number one, it basically said that if you apply for forgiveness in 2020 but no decision has been made on your forgiveness. But you meet all the rules, you check all the boxes that you're going to get full forgiveness. Or you wait until 2021 and you meet all the rules. They basically say, and these are the words in the ruling that if you have a quote, reasonable expectation of reimbursement and I will read from the ruling, quote, if it's reasonably expected to occur rather than being unforeseeable, such a deduction is inappropriate.   Bottom line is, folks, if you meet all the rules and you're going to get forgiveness, then your expenses are not deductible for 2020. So if you got 100,000 dollar PPP loan, you better add 100,000 dollars to your taxable income for 2020, which is going to bring a lot of my doctors to not only where they were in 2019, but even higher. Very, very important doctors that you go to your CPA between the next six weeks, between now and the end of the year and figure out where you're at.   There is a revenue procedure, 2020-51, which is a safe harbor, which basically says that if you reasonably expect forgiveness and you're submitting for forgiveness, but all or partial forgiveness is denied. In other words, you don't get forgiveness, or if for some reason you choose not to file for forgiveness. I don't know any dentist in America that is not going to file for forgiveness. But if you just say I don't meet the rules, I fired everybody. I didn't bring them back, then no problem. Then you can deduct the expenses in the year that you are denied forgiveness. It doesn't tell me if you have no intention of submitting for forgiveness at all in 2020 can I deduct the expenses, it doesn't address that.   I did have a long conversation with Megan Mortimer yesterday from the ADA. I will tell you that the ADA, along with the American Restaurant Association, the American Institute of Certified Public Accountants, the AMA organizations that represent dogs and giraffes and puppies and everything, they're all going to Congress and they're all basically pushing real hard. And folks, without getting into details at the moment, it's all political.   We may not see anything about this until January, February. So you may be looking at extending your tax returns to see what the government's going to do. We think they're going to make a law that says these expenses are deductible. It would hurt small businesses if they didn't. But we'll see what happens.   Alright. Well with that joyful news, folks? Let's get to our program today. My good friends, Ryan Weigel and Zachary Schnitzler from Eide Bailly are going to join us here in a second. Let me tell you a little bit about them. Ryan is a financial adviser. He is located in Aberdeen, South Dakota. He works with his clients on financial planning, including cash flow analysis, education, planning, insurance and risk analysis, retirement planning and asset allocation. And that's Ryan.   And Zach is in Fargo, North Dakota. Go North Dakota State Bison, by the way, I told him that earlier. Zach's an insurance specialist involved in insurance planning, employee retention solutions, planning for purchase and sales of businesses, succession and estate planning. So, Zach and Ryan, welcome to the Art of Dental Finance and Management.   Ryan Weigel, CPA, CFP Thanks Art. It's our pleasure to be here.   Art Wiederman, CPA Hey, nice to talk to you guys. Appreciate you taking the time today. So you guys are avid golfers, I hear. So I won't talk about the fact that I went out and played yesterday here in Orange County, because right now you're just playing like ice golf or indoor golf. How's that work?   Ryan Weigel, CPA, CFP I'll let Zach go on that he's a he's a better golfer than I am.   Zachary Schnitzler, CEPA, CLCS It kind of depends on the day. But up here in Fargo, we definitely started our indoor simulator league, and it's not even Thanksgiving time yet. So it's too bad.   Art Wiederman, CPA We'd love to have to get you out here to play some golf anyway. So. Hey, guys, why don't you. Again, we're talking today about financial planning, folks. We you know, I went through all the Certified Financial Planner courses, you know, a long time ago. And it takes, you know, a couple of years to do that. So in an hour podcast, we're not going to be able to go through every single detail. What my objective today is to make a call to action.   If you haven't done a financial plan, if you haven't figure out where you're going, we want you to take action after what we talk about today. You know, there's seven areas of financial planning. There's cash flow management, there's taxes, there's insurance, investments, retirement planning, estate planning and college planning. We're going to touch on them today. But we want you to take action. Basically sit down and figure out where you're at so that, you know, if you don't have a road map and you don't know where you're going, it's kind of hard to get there. So with that said, let's start. Ryan, tell us a little bit about your journey.   Ryan Weigel, CPA, CFP Yeah, so I'm a CPA, much like you are, and I'm also a CFP, as you alluded to. So my journey started with Eide Bailly, I think 12 years ago. I started on the tax side. I did tax work tax compliance work, and that led into a lot of planning. Just as you alluded to earlier. The dentists better be, the doctors you're working with, meet with their CPAs here between now and the end of the year, because there's a lot of the year-end planning needs to get done.   That brought on a lot of things that I enjoy doing, which was financial planning instead of just tax compliance planning. It was now financial planning, which also alluded to investments and insurance and so on. And so my career path changed about halfway through my tenure with Eide Bailly and it moved over to our financial services division. So my main role is financial planning for clients. And again, like I said, it involves a lot of pieces, investments, tax insurance and so on and so forth.   Art Wiederman, CPA OK, and Zach, other than you going to PGA school or whatever it is, what are you doing? What's your story?   Zachary Schnitzler, CEPA, CLCS Yeah. So as you mentioned, I'm an insurance specialist specifically in the financial planning realm. So we're talking life insurance, disability insurance, long term care insurance type work. I've been in it my whole career almost ten years. Everybody grows up wanting to be an insurance person. I know that. But no, I have some great mentors right away to jump into the business. And before Eide Bailly, I was primarily a consultant with financial advisors as the insurance side is a very unique animal in itself and it requires specialized attention. So happy to be at Eide Bailly. And it's a great place to help our clients on a consultative type approach versus a sales type approach.   Art Wiederman, CPA Yeah, we don't sell. I've never sold. I mean, I'm a registered investment advisor. But guys, if I recommend a stock or a mutual fund, you should probably short it. That's kind of the way I feel about the whole thing. So, hey, Zach, we have to do the required reading of the disclosure. So why don't you get that out of the way and then we'll get another topic.   Zachary Schnitzler, CEPA, CLCS We do. It'll be as fast as possible, I promise. Here we go. Financial Advisors offer Investment Advisor Services for Eide Bailly Advisors, LLC, a registered investment advisor, securities for Three United Planners Financial Services member of FINRA SIPC. Eide Bailly Financial Services LLC is the holding company for Eide Bailly Advisors LLC and Eide Bailly agents. Wholly owned and operated under Eide Bailly LLP, insurance products are offered or issued under Eide Bailly Agency, LLC. Eide Bailly Advisors LLC employees can also be licensed as insurance agents producers of Eide Bailly Agency, LLC. Eide Bailly Financial Services and its subsidiaries are not affiliated with United Planners. Not all products and services are available in all states. The views expressed are those of the author of the date noted are subject to change based on market and other various conditions are not a solicitation to purchase or sell any security and may not reflect the views of United Planners Financial Services. Keep in mind that current and historical facts may not be indicative of future results. Third party material is meant to provide general information and is not to be construed as specific investment tax or legal advice. Individual needs vary and require consideration of your unique objectives and financial situation.   Art Wiederman, CPA Okay, promise me you're not going to do that again.    Zachary Schnitzler, CEPA, CLCS Promise. We're done with that.   Art Wiederman, CPA So which stocks should I buy? Nah, I'm just kidding. Let's just blow up everything we just did.   Zachary Schnitzler, CEPA, CLCS Yeah. Right.   Art Wiederman, CPA So there you go. Okay, so let's start out with the basic question. Why does a dentist need a financial plan?   Ryan Weigel, CPA, CFP Well, you alluded to this earlier, Art. A roadmap, right? So I always try to tell clients is as we sit down with you and we try and gather your information, you've got many roads to go and we're trying to determine which road makes the most sense. And just because it makes sense today doesn't mean in two years it's going to still mean the same road. But what it does is it allows us to have a form of a road map to help answer a lot of questions. And those questions are, again, tax, investment, insurance, business succession, estate. So the whole goal is, hey, I've got this plan in place to answer questions. And it's not a product specific thing. It is a service specific.   Art Wiederman, CPA Right, so what we want to do is, is, you know, again, my experience in this, guys, is that, you know, the people that do this right they're looking at what the goals and the objectives are. And at some point down the road, everybody's got to get compensated for what they do. And at some point down the road, a product usually is involved, whether it's an investment product or an insurance product or something. But that's not where we start, right? That's not even close to it.   Ryan Weigel, CPA, CFP No. You start with the financial plan first and foremost, and that's going to give you. The numbers don't lie in a plan is what I usually tell my clients. Because if it says you need life insurance, you probably need life insurance. I don't care who you talk to about that. There's probably a need of life insurance. Right. But the plan gives you the numbers and the numbers don't lie. And you kind of work through that scenario.   You know, the one thing I'll just say real quick, Art, is there's really four main steps that I use. I think most individuals that use this, but the first step to plan is we sit down and you listen. OK, what are the goals and circumstances? What is your profession? OK, you're a dentist. OK, what's the goal? How long do you want to work? Right. Then we kind of gather a lot of information from you. We might analyze that data and put together some creative plan. But as soon as tomorrow hits, my creative plan is done because your checking account just changed or PPP loan that you just talked about is now no longer a deductible expense. And that just changed the financial plan because now I have to pay more taxes. Right.   So there's this constant circle of what happens where we're constantly looking at everything. And that's why I always tell clients, hey, we're not doing a financial plan because the financial plan is the date stamp we're done. We're doing financial planning. Financial planning is this thorough thing that keeps going and it's constantly evolving. Right?   Art Wiederman, CPA So when you meet with your clients, you do the initial plan and I want you to get a little more into exactly what you're doing. How often should a dentist meet with his or her financial planner after we do the initial plan?   Ryan Weigel, CPA, CFP So the initial plan is going to be, you're probably meeting six times from start to finish over a series of, it could probably be anywhere from, you could probably get it done as quick is four to six weeks or four to six months depending on how busy you are, how busy the planner is. But then going forward, there is no rhyme or reason, it's as needed.  I would say at a minimum, twice a year. I want to look in the spring how are my investments doing, how was my plan, what are my goals that have changed? And I better be looking at the end of the year too. You know, what are my tax implications? What do I need to do? Is there some retirement plan changes I need to make, have I updated my will, have I looked at my insurance lately? So at a minimum twice a year. But it could be 12 times. I mean, depending on each client, there's no specific rhyme or reason to it.   Art Wiederman, CPA Now you guys said there's four steps. How many of, you talked about the listening part. That's the first step, right?   Ryan Weigel, CPA, CFP Yeah. Yep.   Art Wiederman, CPA Where do we go from there?   Ryan Weigel, CPA, CFP Yes. Cause we're in the gather step. And in the gather is where we really sit down and we're trying to do not only the hard skills, the hard numbers, but the soft skills. So what is your actual net worth, their balance sheet look like. Then we're going to gather information. What insurance do you have? What investments you have? But that is a lot of the soft stuff. What is your goal? Is your spouse working? Does she have the ability to work? What do you want to do? Do you want to climb Mt. Everest in five years? Because that might change the impact or do you want to sell your practice for a ton of money at age 40. Or do you want to be a dentist, not care. Right.   So you got to gather the soft skills as well. Then we got to sit down. The third step is we need to analyze the data. We got to figure out what do you have. Right. And then our job from there is to create this because the fourth step would be to create this plan and create this fluid plan that keeps evolving. And then so right after we get done with the fourth step, which is great, you go right back into listening again.   Art Wiederman, CPA Yeah, and we see I want to talk about the mistakes, because we want to make people make sure that they don't get mistakes, they don't make mistakes. So what are the biggest mistakes you see working with your dental clients on financial planning?   Ryan Weigel, CPA, CFP The first one is that and then take this with a grain of salt for anyone who's listening, but they don't have a plan, right? That's the biggest one. And it's not that they don't want to Art. It's typically because they're busy running their practice. Right. There's only so much time in the day. They might have kids and might have employees and they got practice and everything's going on and on. And so this thing just gets kicked to the side, which is a reasonable thing to think about. But at the same time, it's so important that you have to do it. So that's absolutely first and foremost, the biggest issue I see is that we don't have one. They bought some insurance because they were told it was a good idea, but they don't know if it's a good idea because they don't have the time.   Art Wiederman, CPA So let's talk about insurance for a minute, because this is, we're just going to go all over the place here with this. Then we'll hit everything. You know, I have some opinions about insurance, but we have life insurance and we have disability insurance and long-term care. Really, those are those are the main food groups. Let's talk about life insurance.   So when you guys look at a client, how do you determine, let's just briefly get into how much do they need and what type of insurance do you recommend?   Zachary Schnitzler, CEPA, CLCS Well, let's kind of start at step one. I mean, what we are finding is in this industry, many folks are severely underinsured. And you know, that might even be with hypothetically one million dollars of death benefit, for example. It sure seems like a big number. You know, we use the word million in it. But when you calculate, let's say, income replacement for a 35 year old dentist. You know, how many years of income does that, we'll call it, you know, that person and that machine have for the rest of their career if something were to happen? And I'm not saying like a 35 year old needs to insure 30 years of income by any means. But all of a sudden, you know, using that example of, say, a million dollars doesn't go very far.   Art Wiederman, CPA No.   Zachary Schnitzler, CEPA, CLCS So that's piece number one is it does seem like the majority of people, dentists included, are many times vastly under insured and don't understand, you know, how many years of income they should maybe be thinking about replacing if the worst case scenario happened.   Art Wiederman, CPA And a lot of this Zach is that really depends on, you know, if I have a husband and wife and one of them is the dentist and the other one is not working, I'm going to need a lot more than if both of my doctors, both of my husband and wife, both of the people who are husband and wife, sorry about that, are both earning two or three or 400,000 dollars a year.   You know, I have an interesting thing that I want to get your take on this is, in my mind and I'm overly simplifying it. I like for a dentist, I need enough life insurance, because remember, isn't life we get life insurance is to two purposes. Number one is income replacement. And number two is estate needs, which at the moment, unless you get an estate of about 24 million dollars, husband and wife, if you do your planning right, is not an issue. Right?   Zachary Schnitzler, CEPA, CLCS Right.   Art Wiederman, CPA OK, so basically, I'm looking for enough money to pay off the mortgage, put a fund away for the kids for college, and then to have enough of a pot of money to keep potentially a non-working survivor's spouse able to live reasonably.   Zachary Schnitzler, CEPA, CLCS Right.   Art Wiederman, CPA Does that seem reasonable to you?   Zachary Schnitzler, CEPA, CLCS Oh, absolutely. And the big thing is Art. I'll ask you a question. I mean, if somebody, dentists or anybody else hypothetically say, passes away and their income was 300,000, could a non-working spouse go find a new job that pays 300,000 dollars a year?   Art Wiederman, CPA Highly unlikely.   Zachary Schnitzler, CEPA, CLCS Very highly unlikely.   Art Wiederman, CPA Unless they are also a dentist or another type of profession. Yeah.   Ryan Weigel, CPA, CFP Hey there's something I want to hit on that really quick, guys. One of the things I see is let's just go back to your same example. We've got a dentist practitioner and a non-working spouse. I always see this. The dentist practitioner has insurance, the spouse has none. And I ask well why? Because they don't make any money. But then I'll ask them this. Well, what is the non-working spouse do? Well, they take the kids to school and they make sure the house is taken care of. And they do all these things so that I can maintain my business and I can be the breadwinner. Right.   There's actually a need over there because if the non-working spouse parishes, if something happens to them, you either got to hire a nanny or you can't be as productive in your business, right? So you don't have to go and get oodles of money and millions of dollars. That's not the point. But there is actually a need for both people. And you see that quite a bit, actually.   Art Wiederman, CPA And obviously, buying life insurance is cheaper when you're younger than if you're older.   Zachary Schnitzler, CEPA, CLCS Very much so. It's crazy how it follows almost the perfect exponential curve.    Art Wiederman, CPA So the bottom line is we need enough money to cover a surviving spouse and the family if they if, God forbid, the dentist passes away. And then again, because we could spend hours on this. Are you term insurance? You have permanent insurance, maybe a little comment on what people should be looking at just in a high overview.   Zachary Schnitzler, CEPA, CLCS Yeah. So first and foremost, you know, the younger dentists term insurance is super simple, very inexpensive. You can get high limits for low premium. I definitely recommend that all have at least some of that. Permanent insurance, it's a podcast of its own I think. It offers lots of different advantages, like potential for tax free income. But it is absolutely not for everybody. And that is a case by case basis. So permanent insurance will have some cash value that comes with it, although a much higher premium.   One thing Art I do want to quickly mention is we're talking about having enough. What is enough? Right, how many? What's the multiplier of income some are there are some agents out there that I know that are literally trying to get as much as possible from the insurance company. Myself, I am in the ballpark of close to seven times income plus debt.   Art Wiederman, CPA Yeah, that's about right. I was going to say, you know, seven to ten, but yeah. So for example, doctors, you know, if you're making 300,000 dollars a year, that's 2.1 million dollars. Is that enough to pay off your mortgage, put the kids through college and have a pot of money available for your surviving spouse so that he or she does not have to work and can be focusing on the family? I don't know. You got to run the numbers, right guys?   Zachary Schnitzler, CEPA, CLCS There's no question it's a case by case basis. The good news is I hate to say that there's good news during the COVID-19 pandemic because nothing seems like good news. Right. A lot of a lot of doctors and dentists are scared almost of applying for these limits because it comes with a very, very challenging underwriting experience. Might have to give blood. Your might have to order medical records. Well, due to the pandemic, companies have increased what's called accelerated underwriting, where people can get up to five million dollars of life insurance immediately with an online health portal. So it doesn't, you know, somebody you don't know doesn't necessarily have to come to your house and put a needle in your arm to see if you can get these high limits.   Art Wiederman, CPA OK, and I talking about disability insurance, what I tell people is as much as you can qualify for, you have comments on disability.   Zachary Schnitzler, CEPA, CLCS Yeah, no question. I agree with you there. And it's usually close to 60 percent of income is about what these insurance companies will offer. However, in most cases, disability and insurance would pay out tax free. So we don't necessarily need a super high, you know, close to 100 percent by any means.   Art Wiederman, CPA What do you think about long term care insurance?   Zachary Schnitzler, CEPA, CLCS Well, for the, maybe the dentist on the second half of their career, it's a major issue in our world today of the cost of long-term care, whether it be nursing home, assisted living etc. You know, now we're talking after work life, right? We're planning for after it.   It's something that needs to be looked into. I mean, when I'm saying that it's a problem, it's costing just to get care upwards of 10,000 dollars or more per month. And it's going back to why we're doing this today, financial planning or planning for all aspects of life, short term and long term. It's all about asset protection. We're not necessarily, you know, don't need to talk to clients about, well, you want to go to a nursing home or do you want to do this? It's about protecting your assets. A six year stay at over 120,000 dollars in 2020 money, you know, not even counting inflation. It'd be 700,000 plus. And that's an issue.   Art Wiederman, CPA And how about this guys, not only for the doctor, but what about the doctor who's mother or father or both have not done a good job of saving and they need to go into a nursing home and you, the doctor, are the only child who has assets. Who's going to be paying for that? Do you see that happen?   Zachary Schnitzler, CEPA, CLCS Correct. Oh, absolutely. There's no doubt. One other thing to mention. Art you're a CPA. Ryan, you are as well. Long term care, buying long term care insurance can come with some fairly unique tax advantages as well.   Art Wiederman, CPA We're not going to get into that today because that will be a 12 hour podcast.   Zachary Schnitzler, CEPA, CLCS Like I said. Yeah, that's time for another podcast. These topics could all have their own at some point.   Art Wiederman, CPA Absolutely. So talk about student loan debt. And that is a big deal. In the United States, the average student loan debt is and again, this is all over the country, is somewhere between 250 and 300,000 dollars is what it costs to go to the average United States dental school. In California, we have, I tell this story occasionally at my lectures, and I probably told it on the on the podcast, is that I had two doctors come up to me. I was speaking at the University of Southern California Dental School, oh, gosh, about five years ago. And these two young men come up to me and say, Mr. Art Wiederman, thank you so much for your lecture. We both did four years of dental school here at USC, plus a general practice residency. We are 550,000 dollars each in debt. What do you suggest?   And my answer to them was, guys, if you go walk around the corner to Hoover Street, there's a 7-Eleven, they sell lottery tickets. Other than that, I got nothing for you. How do you approach student loan debt?   Ryan Weigel, CPA, CFP Well, that's one way of spin that.   Art Wiederman, CPA It works really well, I mean, yeah, it's not very good, but it is a way to do it.   Ryan Weigel, CPA, CFP So earlier when I discussed the gather meeting, which is our our second meeting with clients and their soft skills. This is some of the stuff that comes up. It's hey you're going to have to live like a college student for a few more years. I know you're making a bunch of money and I know it's great you want to you want to move on from that. You don't have the luxury to do that, unfortunately, because if we don't take care of the student loan debt soon, we don't have a game plan in place or plan in place for this stuff just keeps going. And the downfall is it's not like it's cheap interest.   The average loan, I think it's still like seven and a quarter. So you think about oh I can go get a house or a car right now in today's environment, two, three, three and a half percent. No, you're still at seven or seven and a quarter is the average and sometimes higher than that. So the only way to take care of student loan debt is to pay for it. That's first and foremost. The only way to pay for it is to have some detailed plan. And the easiest thing I've found for new grads for sure, is you have to just live like you're still in school. We just have to take care of it.   And, you know, we use a software, we've branded Eide Bailly Wealth One the meat and potatoes behind it is eMoney is the software we use. We can show what that means inside of a plan. And so once you can start to pictorially show that it kind of helps them understand. Yeah, I got to get this taken care of because if I don't get this taken care of that, then I can't get my retirement plan started. And if I can't get my retirement plan started, then I got to make a decision down the road of whether I need to buy long term care insurance or if I self-funded because I saved enough money along the way. Right. So it just keeps it rolling.   Art Wiederman, CPA Yeah. So this is why it's a, this financial planning thing is not a one time deal. It's on going because you're going to start your life out in your 20s. Doctors, most dental students, most folks graduate dental school somewhere between the ages of 25 and 30, give or take. You start later, you do it later. And at that point you might be single living with three guys or three ladies in an apartment somewhere and starting your life off as a dentist. And then the next thing you know, you get married, the next thing you know you have kids and next thing you know, you buy a house and you buy a practice. I have, I sell dental practices, guys. I have two 30 old dentists about four years ago, I sold the practice to. They had 800,000 dollars of student loan debt. They bought a practice from me for about one million, 250 thousand dollars. So they were two million dollars in debt at the age of 30 and they didn't even own a home, in Southern California.   Now, that's scary. So, again, in different parts of the country, it's going to be different. A home in Iowa is going to be different than a home in Southern California and the same thing with a practice. Let's get into, let's talk a little bit about estate planning, because, I mean, my experience, guys, is that you're looking at 60 percent of the people that I deal with do not have wills or trusts. I don't know what the, maybe your numbers are similar, but just some basics about why it's important and what people should be thinking about.   Ryan Weigel, CPA, CFP The numbers that you mentioned, 60 percent is spot on, I mean, 60 percent of the people don't. And it goes back to the thing I said earlier is that you get busy in your practice. It's just another one of those things that you're going to get to someday. The simplest thing to start with, just get a wil. Go to a respected attorney, ask your older peers if you're a multi doc practice who they use, go get some wills established, that's just first and foremost.   But then as you're a more seasoned practitioner and you're getting more towards a later time in life, you've got to start doing estate planning. Estate planning, you mentioned earlier Art, unless you have 22 million dollars, you don't have an estate tax issue. But it doesn't mean that you can't do estate planning and estate planning is simply sitting down and trying to understand how do I want to divide everything up upon my demise. Right. And how do I want it to escape probate? How do I want it to go efficiently and certain pieces like that. So. Depends on the life cycle you're in. First and foremost, but a will has to be done. You just got to get it done. And then probably the next thing is, once we get a little bit further on it, what is my estate plan regardless of my asset size? Zach, anything you would add to that?    Zachary Schnitzler, CEPA, CLCS Yeah, for sure. Well, I think a lot of people do think about estate planning is it's you know, a tax mitigation thing. And it's not at all. There is an estate tax. And about a year or so ago, we had a campaign called Estate Planning for the other 99 percent. Right. But it needs to happen. There are things that people need to do. And it comes down to if it's not on paper, it's not a plan. My, I work for, like you said Art, in my bio, on succession planning and whatnot and estate planning. I think we did a we did a study and said about 70 percent of people said they had an estate plan or a transition plan. And then what was funny is the next piece was 50 percent said it was in their mind, OK, if they have a plan here. But ultimately, it's not a plan if it's not on paper.   Art Wiederman, CPA Yeah, that's like that's like my 330 yard drive similar to Dustin Johnson. That's in my mind. I just can't get it to my driver. That's my problem.    Zachary Schnitzler, CEPA, CLCS There's no, it's a great analogy for sure. And as the only thing I can mirror as Ryan said is business owners and in this case dentists who own their practice, they're very good obviously at what they do. However, you know, they need help with things that like this that they aren't thinking about every day.   Art Wiederman, CPA So I'm going to take a break here, guys, and just share with everybody you. Yeah. Like I say, what I'm hoping this is going to do, ladies and gentlemen, is to be a call to arms to get some planning done. If you're working with an Academy of Dental CPAs member, if you're a client of them, you're in very good hands. They can handle that for you. If you're not, if you're not working with someone, if you haven't done any planning at all, I'm going have these guys give their contact information out and it'll also be in the show notes.   But what I want you to do is whether it's with your CPA, your financial planner, if you've got a great financial planner that you're working with, that's great. Let them do the plan. Call them up, call them up as soon as you hear this podcast and say, hey, Joe, hey, Susie, whatever their name is. You know, I've been thinking about it and I really want to get a plan on paper. And can you do that for me? And if you need some help, these guys can help you. So guys, give out your contact information if somebody wants to give you a call or email you.   Zachary Schnitzler, CEPA, CLCS Yeah, my direct number once again, my name is Zachary Schnitzler, direct number is 701.239.8567. And if you remember, Art talking about my last name, it's a doozy. So I think we'll just say check the show notes for my email. It is ZSchnitzler@EideBailly.com. It's a tough one to spell. I'd say if it were a batting average, it'd be somewhere around each year I was batting average in the three hundreds of people who get it right.    Ryan Weigel, CPA, CFP Yeah, mine. You can contact my office at 605.225.8783. My email is rweigel@EideBailly.com.   Art Wiederman, CPA Well I appreciate it. And guys again, folks, I don't care who you do your financial planning with. If you got somebody good, like I say, go to them, call them. This is what I want you to do. My podcast is about a call to action to all of you to make your lives better and make your family's lives better. It's really important. If you don't have somebody you're working with or somebody you trust, you know, these guys definitely can help you, though, they're at the top of the class.   Ryan Weigel, CPA, CFP Hey, Art, I just want to say one thing real quick. If there's two things you take from this, if you don't have life insurance, I don't care who you go to, just go get some life insurance number one. Number two go get a will taken care of and then loop back. Right. Because if you die and you don't have those things, good luck. So let's take care of those. And then if you need to go do the financial plan. I would suggest doing a financial plan first and foremost. But hey, if you want to call the action, those are two things that can really help people quickly.   Art Wiederman, CPA Alright, well, I want to jump in to two or three more things that we'll have time for. Retirement plans. I mean, we've talked about SEPs and Simple IRAs and Profit-Sharing plans, Defined Benefit Plans. I mean, we don't have time to get into all of that here. But I want to go over. This is interesting. We were talking about this before we went on live here, is how much money do you need to save by the age of 65 to save one million dollars? So guys, you kind of jotted that out. So if you start at different ages, walk through starting at 25, and then 35, how much do you need to save on an annual basis say starting at 25.   Ryan Weigel, CPA, CFP So if you're, so again, to get to the illusion of a million dollars. Right. This is assuming a 10 percent rate of return. If you're 25 years old.   Art Wiederman, CPA 10 percent?   Ryan Weigel, CPA, CFP Yeah. 10 percent return. So if you think of historical equities, 10 percent. If you want to go into 60 40 it's going to be much less than that. But this is a chart that we've used.  A 25 year old, 2000 dollars a year. That's it. 2000 bucks a year for 40 years. A 35 year old is 6000 dollars a year. 300 percent of the original balance. A 45 year old, you got to jump up to 16,000 dollars a year. 55 year old, you need 60,000 dollars a year. And then lastly, obviously, if you're 65, you'll need a million bucks that one year.   Art Wiederman, CPA And would it be right if someone wanted to be more conservative and say I'm only going to earn five percent those numbers are double, right?   Ryan Weigel, CPA, CFP Absolutely. Yeah. And just so you're aware, I wouldn't go out recommending that, hey, you should have a financial plan assuming 10 percent, because good luck, especially later on in life now. And when we do talk about hurdle rates and we do financial plans for people, what is my hurdle rate that I need to get at prior to retirement? What's my hurdle rate in the future? A lot of times we're using six to seven pre-retirement and four to five post-retirement. So these numbers I. Double this for sure, absolutely.   Art Wiederman, CPA Yeah, and again, most people who are 25 years old don't get the opportunity to start saving money. When you're, doctors, you're 25. You might be in your sophomore or junior year of dental school and you're on the student poverty plan. So, again, the sooner you can get in, the sooner you get into your own practice, the sooner you have the ability. And obviously for small business owners, including dentists guys, a qualified retirement plan is absolutely the best way to go, isn't it?   Ryan Weigel, CPA, CFP Absolutely. I'm going to get, typically, when you get a tax deduction up front, to get tax deferred growth, obviously you'll have to pick up the tax later on. But there's a lot of statistics out there. On average, it seems to be that if you have a taxable account, versus a tax deferred account, your rate of return can be upwards of 10 percent per year simply because of the tax savings over the long period of time. So absolutely.   Art Wiederman, CPA Well, and again, remember, folks, that, you know, 20 to 40 percent of the doctors who retire, they don't retire because they've saved enough money and they're ready to retire. They retire because they have a physical ailment. They have back, neck, shoulders. That's why ergonomics is so important in dentistry to make sure, exercise and stretching and yoga and all these things I talk to dentists all the time about this. But I have doctors getting to 55, 60, 65 and we probably get five to 10 calls a year from our clients. Art, I just I'm starting to feel something in my hands. I'm starting to feel something in my neck. I'm afraid I'm going to make a mistake. I need to retire, not because they want to, but because they have to. And if you don't do this planning, it's just so, so important to do this.   Okay, guys, let's talk about. Because of the disclaimer you gave earlier, what were there like 20 different names? But anyway, that's OK, we have to do that for legal purposes. Let's just talk on a 35,000 foot level. I mean, today the stock market is. Alright, let's see. So we have a new vaccine now. The Dow goes up a thousand points. The president tweets something, the Dow goes down 600 points. The commissioner of Internal Revenue says this. It goes I mean, it's there's no rhyme or reason lately for what's going on. So from a high level, what are you telling doctors as far as their investment philosophy? What a plan? How do you look at this?   Ryan Weigel, CPA, CFP The first philosophy is you have to have a philosophy. Right? So that can be, I mean, that could be anything. And there's a whole bunch of different philosophies out there. Some are active, some are passive, some are factor it can be whatever you want. But you better have a philosophy, better stick to it, because just as you alluded to, the markets go up, down, sideways. But that's probably the first thing.   The next area that I always see is they don't have what I like to consider broad diversification, they don't have any diversification simply because everything is owned within my practice, which somewhat makes sense. I've got a practice that is worth money. I've got a building is worth money. I make my money from my practice. And this is, this isn't just dentists. This is any small business owner or practitioner out there. So you gotta try to start thinking about how do we shift money elsewhere out of that to alleviate that risk and increase my diversification.   Art Wiederman, CPA And diversifications, I mean, ever since I've been younger, that's what you hear is you hear it's you know, you don't put all your eggs in one basket, you diversify and you don't watch and flip out if the stock market drops. And that's another thing that kills me. Everybody says, oh, the market was down a thousand points, no 30 stocks were down a thousand points, not one of their 10,000 different types of mutual funds and stocks you can buy. And you've got the New York Stock Exchange, you've got the Nasdaq, you've got the American Stock Exchange. You've got I don't know how many different exchanges there are.   So what they talk about on the news is the Dow Jones Industrial Average, which are large cap stocks, the 30 biggest stocks. That's not the market. So what do you tell your doctors as far as you know? I mean, we get into you know, we got into 2008 and we got into I mean, talk about March, the pandemic hit. What happened to the markets? And what were you telling your clients?   Ryan Weigel, CPA, CFP Well, first thing we were doing was we're calling them, scheduling a meeting with them and looking at their financial plan. If let's just hypothetically say someone has a million dollars all invested in the market and it went down 37 percent or 40 percent. So they have 600,000 now in their account and they say, what the heck is going on here? My next question is, when do we need this money? If you're a 45 year old doc and you don't plan to retire until you're 55 or 60, you still got a long term time horizon. Right?   And even if I'm going to retire at 55 or 60, I still hope to hell you're going to live a little bit further than that. So that means I still have an even further, longer time horizon. So it gets back to this plan. And what is my goal? My goal is to invest to grow. Well then do I really care what the short term happens? If the long term is that my projection is the markets can be higher in 10 years, but I care what happens in the next month. I'm going to care. But I don't want that to blur my vision of the long term, because if I don't think it's going to be higher in 10 years, why do I have any money in it right now?   So, I mean, it gets back to just having the conversation, it also gets back to, you know, plan, I'm a big believer in a form of budget. A lot of docs that we talk to get and most people get lifestyle. More money I make, the more I spend. Right. So you don't have to have a detailed budget, I don't really care if you're spending all your money on whatever it is. But just how much do you spend. Everyone spends money on different stuff. How much do I spend? Do I have some cash on hand to be able to alleviate any issues that might come up AKA March and April or my practice might have been shut down for a little bit of time. And if that's the case so I don't know if I'm as worried about my retirement accounts again. Right. So that's what I tell my clients. Knock on wood. So far, so good.   Art Wiederman, CPA Well, a couple of rules of thumb that I've used on this podcast and my lectures in my entire life. 65/25/10 rule folks. You live on 65 percent of what you make. You're going to pay about 25 percent of your income in taxes. And what do you do with the other 10 percent? We save it. I always talk about that. Unfortunately, I get some of my clients who live on the 90/25/minus 15 rule. We talked about this yesterday, guys, they spend 90 percent of what they make. They scrimp and they go into debt for paying their taxes and they're always behind. And the IRS is not a bank you want to use. And then the other minus 15 percent is credit card debt. I mean, talk about credit card debt and the work that you guys do.   Ryan Weigel, CPA, CFP Oh, yeah, obviously, you can't out earn bad spending habits, but if you make 100,000 dollars, and you're spending 110. Good luck. You're never going get out of debt.   Well, what we typically do with credit card debt as we sit down and we might look at refis. So do I have access elsewhere to refi. Do I have a house that I could refi? I don't want to take a loan that I could pay off in three years and now extrapolate it out to 15 years. All that does is create more of an issue for most people. But do I have access to anything that can burden the amount of interest and make it lower? That's typically where we're looking. Otherwise we're getting pretty detailed within my budgeting because that all comes back to budgeting, Art.   Art Wiederman, CPA Alright, as long as I can get all the sports networks on my cable deal and I'll pay for that, as long as you let me have that, I'll let you cut back everything else.   Ryan Weigel, CPA, CFP Well, I don't know. Hulu keeps going up.   Art Wiederman, CPA OK, I want to get to a couple more things, guys. Let's talk about saving for college. Again, I've got two boys that are 26 and 31. I am so proud of both of them of course. I talk about them on the podcast, you know, and I personally saved the money myself. I didn't set up these specialized 529 plans or anything. They didn't have them back when I was getting started 30, you know, 30 years ago. But I saved them and one went to art college in San Francisco. And that's not cheap. And that was Nathan. And Forrest went to Chapman University. He went to San Jose State the first year. I was thrilled to death. I was like 12,000 dollars a year out the door, including housing and everything.   Then he transferred to Chapman University, which is one of the best universities in the world. And then I just started crying. It was real sad. And but talk about how do you recommend doctors save for college? Are you looking at 529 plans? Are you looking at municipal bonds or are you looking at just winging it? You're probably not looking at winging it, but what are you talking, what should doctors be looking at as far as saving for college?   Ryan Weigel, CPA, CFP Yeah, there's two main pieces I'm looking at. A 529 and UTMA account. Or it doesn't have to UTMA (Uniform Transfer to Minor Act) it could just be a general savings account. The reason I use those two accounts is the 529 account is going to grow tax deferred and it's going to come out tax free to the extent that I have qualified expenses. And the IRS has been pretty good lately and they've expanded those qualified expenses. Um, the downfall is if I don't, let's say my kid doesn't go to school. Let's say you start saving this thing from when they're a year old. You're very fortunate and you put a big chunk away when they when they're born. Right. You have very good practice. You throw a bunch in. And it grows for 18 years. Now you got 100,000 dollars in there and the kid doesn't go to school.   Well, now, I going to take that out, not only subject to taxation, but a 10 percent penalty. I maybe could have put it in just a other account for them. I could have put it in a UTMA account or some other form of account that is not going to have a very high tax issue because there's some kiddy tax issues and we don't want to get into that. But I can get, there's some lower limits that I can get them money income tax free. And so it's a combination of those two accounts. That's really all I look at for clients. You know, you can do ESAs, you can do some of these other ones.   But 529 account, especially early on. Later on, if they're already sixteen years old. Well, you're not going to get a whole lot of growth when you're 16, your kid's going to school at 18. No matter what you're investing in, it's too risky to put it in stock market when they're 16 and all of a sudden your 100,000 goes to 50 and that's when you need to use it, not worth it. Right. Well, it kind of depends on the time frame of the kids, but those are the two accounts that I typically always recommend.   Art Wiederman, CPA And let's just clarify UTMA ask for a Uniform Transfer to Minors Act Account, which is an account, ladies and gentlemen, that allows you as the parent, I think it's up to age 25 now. Is it 25?   Ryan Weigel, CPA, CFP I think it's still 18 or it's dependent upon the state that you're in.   Art Wiederman, CPA It allows you as the parent to put money into an account in your child's name, but you can maintain control of it. And so and then the 529 plan is a, you know, virtually every state has one. In California where I'm at it's called Scholar Share. The money is managed by TIAA CREF, which manages the teacher's retirement. But every state's got one of them. And you put the money in. And most states it's not tax deductible. And some of them for state taxes, you get a write off, federaly it's not tax deductible and the money grows tax free forever. As long as when you pull the money out, you use it for its intended purposes, which is to send the kids to college.   Well, guys, this time flies by. Unfortunately, we're getting towards the end. So last thing I want to ask is there's several things that we've talked about. What do you see in your very successful dentists as far as their financial planning and their financial plans?   Ryan Weigel, CPA, CFP Well, first off, they've got a plan, that's first and foremost right, that they've got a plan. The second thing is probably what I alluded to just a little bit ago about the markets. They think long term, they don't think short term. That the planning that we do or anybody, any successful financial planner doesn't have to be us, it can be anyone. They do a good enough job. They're thinking long term. They're trying to have you focused on the future. Right.   The other piece is they know their numbers. Now, I always tell practitioners, I don't need to know how to do a root canal, but I need to know why you're recommending a root canal to me. So I just need to trust you that you're telling me the right thing. I need to understand why we're recommending it and why we're doing it. I need to know a little bit about it, but I don't need to know how to do the actual procedure. That's why I've got you. That's why I hired you.   But they ask the questions. They know the plan. They know their numbers. And probably the last thing is they use a group of professionals. They're using an attorney to help them. They're using a CPA. They're using a form of an advisor, you name it. They're helping. They're using people that help them. So those are probably the things I would say probably the most successful practitioners do. Zach, anything you would add to that?   Zachary Schnitzler, CEPA, CLCS Yeah. And specifically on the last bullet point, I call it the round table, OK? And successful professionals are going to have an expert in each field. And I also think it's important that all of these experts are also working together. It's not just individual to the specific dentist, it's they are on your roundtable and they are working together for your financial future.   Art Wiederman, CPA So doctors, I want you to use this analogy. I've been teaching for 36 years about the fact that your patients need to trust you and you need to care about them. Well, let's think about the same analogy of you working with a financial planner or a CPA or an estate attorney or an architect or someone who's going to paint your house. I mean, maybe that's not a good analogy. But the point is, is that, you know, we all have a good meter that we can monitor people with.   Again, if you're working with somebody who, you know, and you trust with your money, you work way too hard to just not look at your investment statements and not meet with somebody. So you've got to trust the person that you work with. So think about, all the things, doctors, that you do in your practice to elicit trust from your patients and then transfer that, the professional that you're going to work with, who's going to monitor, make and monitor your financial plan and help you get to the finish line. And that's what you really, really need to be doing.   Again, this is a call to action. You know, these guys are good. I've seen their financial planning program. It's really good. There's lots of really good financial planners out there. We want to give you information on the things that you need to be talking about, the things you need to be thinking about.   So we've come to just about the end of our time, guys. So one more time, give out your contact information and then we'll wrap it up. A lot of really, really good tips. We got to pretty much all the food groups today, I think. So, Ryan, how do they get a hold of you?   Ryan Weigel, CPA, CFP Ryan Weigel, 605.225.8783 or my email is rweigel@EideBailly.com.   Art Wiederman, CPA OK, and Zach?   Zachary Schnitzler, CEPA, CLCS Yeah, Zach Schnitzler, Insurance Specialist 701.239.8567 Just for the heck of it, I'll spell out the email at zschnitzler@EideBailly.com.   Art Wiederman, CPA Well Zach, if it makes you feel any better, the state of New York spelled my name wrong on my birth certificate. They spelled Wei instead of ie. So, you know, I don't bug anybody about their names.   But guys, hey listen, thanks for taking the time, giving this really, really good information. Ladies and gentlemen, please take action. Go get your planning done. Do it for yourself. Do it for your family. Again, I don't care who you do it with. If you got a good person you're working with it. If you've got an ADCPA firm your working with. You know, if you do great. If you got them and you trust them, work with them. If you don't, you know, give these guys a call, they can they can answer your questions. You guys will do a complimentary, you know, call up front to talk about the doctor's needs and stuff like that, right?   Ryan Weigel, CPA, CFP Absolutely. Correct.   Art Wiederman, CPA Sounds good. Well, and again, ladies and gentlemen, thank you for listening to our podcast. We're now over 100 episodes. I think this is number 102. And it is an honor and a privilege to present this information to you.   I do want to again remind you to register for our webinar series, www.EideBailly.com/dentalseries. And again, we're starting December 9th with tax planning and research and development credit. We're going to have several of the best dental management consultants in the company in the country coming on. I've got Jennifer Chevalier from Fortune Management. Gary Takacs, who you don't have to tell anybody who Gary is. I've got Kiera Dent. I've got Rachel Wall, who's one of the best dental hygiene consultants in the country.   We've got several of our folks from Eide Bailly talking about, these guys are going to be back. We're going to be talking about retirement plans, student loan debt. So it's going to be a killer series. I've been wanting to do this forever. And the fact that these dental societies have given me the opportunity to do that, it's an honor and a privilege. So make sure you register for that.   Go to our partner, Decisions in Dentistry magazine www.DecisionsinDentistry.com. They have a great website with great content. Their magazine is fantastic. There are up to date on all the COVID-19 protocols and consulting on what you should be doing in your dental offices on virtually every clinical topic. Their advisory board is a who's who of dentistry, not only in this country, but in the United States. What did I just say, not only this country, but in the United States, I'll be alright. Not only in this country, but in the whole world, actually.   And if you're not working with a dental specific CPA, you know, Eide Bailly is here.  My office is in Southern California. My number is 657.279.3243. My email is awiederman@EideBailly.com.  Give us a call. Again, if you're looking for a dental specific CPA anywhere in the United States, it's www.ADCPA.org.   Okay guys, stick around when we sign off, but thank you so much for your time and your great expertise, Zach Schnitzler and Ryan Weigel, really appreciate it, from Eide Bailly. I hope we gave you some great information today on financial planning.   And again, ladies and gentlemen, we're eight months into the COVID-19 pandemic, and I'm going to give you my same five word saying that I've been using since the beginning. Failure is not an option. Go out, manage your practice, manage your team, take world class care of your patients. And we're all going to get through this. You watch the news, you see Pfizer and what was it, Pfizer and Moderna. And I believe they're the two companies. They're getting pretty darn close to having a vaccine. And it sounds really promising. And, you know, life's about hope.   So we're all going to get through this. 2021 is going to be a better year for everybody. So with that, folks, thank you again. Please tell your friends about our podcast. And this is Art Wiederman for The Art of Dental Finance and Management with Art Wiederman, CPA signing off. Thanks for listening and we'll see you next time. Bye bye.     Show Notes and Resources:   Eide Bailly’s Dental Practice Solid Financial Future for Dentists Decisions in Dentistry magazine ADCPA Planning for Financial Independence While Building Your Dental Practice Reducing Your Dependency on Insurance in Your Dental Practice (Webinar Recording)   Guest Info:   Ryan Weigel, CPA, CFP Financial Advisor rweigel@eidebailly.com   Zachary Schnitzler, CEPA, CLCS Insurance Specialist zschnitzler@eidebailly.com   Eide Bailly Financial Services   [photos on website]  

Join Disruptive Money Management with Henry Wong in this latest episode on defined benefit plans. The defined benefit plan is often overlooked for retirement planning because of the complexities and intricacies involved in running a successful defined benefit plan. The defined benefit plan, otherwise known as the pension plan, has historically fallen from popularity because of the high employer cost of funding guaranteed retirement income for all of its employees. For a Fortune 500 company, this could be coverage for hundreds of thousands of employees.However; the resurgence of popularity for defined benefit plans is actually coming from small business owners and solo entrepreneurs. For high-income earners with a small business, these individuals can shelter away up to $230,000 from taxes and put it towards tax-deferred investment vehicles for retirement planning purposes.In this episode, Henry goes over the history of defined benefit plans and how they can be used to maximize retirement savings for small business owners and solo entrepreneurs. For further information, please feel free to reach Henry at www.disruptivemoneymanagement.com.

Pension plans come in all shapes and all sizes. Long favored by employers for a variety of reasons, the defined benefit plan allows an employer to make contributions to a plan that guarantees to pay employees a defined benefit in the future. These plans can equate to large retirement and tax savings savings. If an entrepreneur has no employees, the retirement and tax savings are even bigger.

Mark relates the concerns of many over losing not only their jobs but seeing unwelcome changes to defined benefits as companies are forced to tighten their belts.  But with proper planning and careful guidance, there are ways to protect your assets and retain security. Click here to learn more about Mark Rowlette, founder of South … Continue reading Radio 018 -Impact of Covid-19 on Jobs and Defined Benefit Plans →

In our latest episode, Elliot Dinkin, president and CEO of Cowden Associates in Pittsburgh, joins us to discuss the current state of defined benefit plans, where they stand in the short and long term, and employee benefit plan derisking strategies. To read the full transcript click here. 

Josh & Jay welcome Will Steih, Managing Director or Prime Capital Investment Advisor’s Tennessee office, to the studio for Chapter 3 of 5 in our B.O.S.S. Series, a discussion about Defined Benefit & Cash Balance Plans. Why should a business owner consider a Defined Benefit Plan? A business owner has fully funded their 401k - how can they layer a Defined Benefit Plan on top to provide additional future retirement income? How does a Defined Benefit Plan affect a business owner’s overall tax strategy & tax efficiency? Listen in to hear important concepts & solutions to consider!   Key Takeaways: > There has been a resurgence in Defined Benefit Plans in businesses with up to 50 employees > Defined Benefit Plans tend to appeal to business owners with an appetite for additional savings above their 401k contributions > A Defined Benefit Plan can be used to fund retirement income needs above qualified plan contribution limits > A Defined Benefit Plan is generally set up to be more conservative than a typical qualified retirement plan   Resources Prime Capital Investment Advisors Qualified Plan Advisors Will Steih   If any of these topics apply to your situation, we can help! Reach out to us at 251-327-2124, or email jnull@gulfcoastfa.com.

Josh & Jay welcome Will Steih, Managing Director of Prime Capital Investment Advisor’s Tennessee office, to the studio to kick off our B.O.S.S. Series, a 5 part series specifically designed for the planning needs of successful business owners. Topics include: Succession Planning, Buy/Sell Funding, Defined Benefit Plans, Non-Qualified Deferred Comp and Employee Stock Option Purchase (ESOP). We will take each one of these great topics and break it down on its own dedicated podcast! Resources Prime Capital Investment Advisors Qualified Plan Advisors Will Steih   If any of these topics apply to your situation, we can help! Reach out to us at 251-327-2124, or email jnull@gulfcoastfa.com.  

Do you make high 6 or even 7 figure income and are frustrated with the limitations of your 401k plan? This week we discuss the defined benefit plan, a secret retirement saving strategy that is used by wealthy families to put away up to 6 figures annually in their retirement plan. Want to know why your financial advisor never told you about it? We discuss that too. For more information, visit the show notes at https://moneytreepodcast.com/274

 Get your free book: www.audibletrial.com/dwellynn ReSure LLC and ReSure Financial Advisors LLC were founded by Bernard Reisz, a CPA with extensive experience in the alternative investment and finance industries. With a background in financial and tax analysis for both institutional and personal investors, ReSure is positioned to serve all your self-directed retirement account needs.   We are committed to empowering self-directed investors to take control of their finances and invest in accordance with their individual styles. Leveraging tax advantaged vehicles, such as SDIRAs & Solo 401(k)s, can be an integral part of a financial strategy that puts you at the center.   In addition to Self-Directed IRA-LLCs, Individual 401(k)s, and Defined Benefit Plans we can assist you with your investments in publicly traded securities and many other financial planning needs. Underlying our approach is an overarching commitment to empower you to control your future. Contact Bernard: https://www.401kcheckbook.com/ Content Mentioned: When Genius Failed: The Rise and Fall of Long-Term Capital Management https://www.amazon.com/When-Genius-Failed-Long-Term-Management/dp/0375758259/ref=sr_1_3?crid=3BUJKYZGQ9U8S&keywords=when+genius+failed&qid=1559161585&s=books&sprefix=when+geni%2Caps%2C224&sr=1-3   Follow Ola [www.instagram.com/oladantis] @OlaDantis for all other social media Send me a DM when you follow so I can say hi! www.dwellynn.com/invest

Bulls and Bears Market Report for week ending 3/22/2019; Legislative Update on Lump-Sum Distributions in Defined Benefit Plans; Plan Your Prosperity on Identity Theft; Ask Peggy About Financial Planning in Severe Weather or Natural Disasters

We look at defined benefit plans for small businesses.

Small defined benefit plans offer many advantages to both your business and your employees. Robert Auster, President of the CBIZ Actuarial group discusses the most effective uses for these plans and how to best leverage them for financial gains. For more information, visit https://www.cbiz.com

- Scott Ann Setzer, Pension Consultant at Polycomp Administrative Services - Please call 1-800-388-9700 for a free review of your financial portfolio

In this episode we talk about how we became responsible for funding and investing our 401k retirement plan. 1:10 - The Defined Benefit Plan. 1:39 - The Smartest Guys in the Room. 2:25 - The CPAs. 4:06 - Off Balance Sheet Pension Cost. 5:00 - Investing public panic. 6:48 - Enter the 401k. 8:55 - How Big IS this? 9:38 - The Line in the Sand. 11:06 - The Market Doesn't Care.

- Scott Ann Setzer, Sr Consultant at Polycomp Administrative Services, Please call 1-800-388-9700 for a free copy of the Reports on Defined Benefit Plans and 401K’s.

Explain the strategies for satisfying the nondiscrimination rules for defined-benefit plans

Explain the strategies for satisfying the nondiscrimination rules for defined-benefit plans