Retirement planning can seem boring, but when you have our #FinanceFriday guest Seth Bassoff CEPA®, APMA®, CRPS®, CRPC®, RFC® on your side, you can do some very cool things. Seth is a financial advisor and senior vice president of the Adelson Group, a private wealth advisory practice of Ameriprise Financial Services. Seth’s impressive biography is just one reason I brought him on today’s #FinanceFriday; he is also an old friend of mine. Watch our video where we discuss retirement planning and tax savings below.
The first topic we go over is retirement planning and the most beneficial retirement plans that a small business owner can have. Most small business owners have SEP or Simple IRAs; however, Seth introduces us to ERISA, Employee Retirement Income Security Act of 1974. 401ks are an example of an ERISA-qualified plan. SEPS and SIMPLES are designed for certain types of people and contribution levels, while in contrast, ERISA qualified plans offer a big opportunity for savings and tax savings. Consulting with Seth can help you plan for your retirement.
Any small business can take advantage of ERISA plans, including a sole proprietor or LLC who only has one employee, yourself. The amount you can contribute and divert away from tax is huge in comparison to other retirement plans. Seth shares a story of a client who was offered this retirement plan, and after understanding the tax-saving implications, asked Seth, “Is this legal?” The plan saves you so much money it feels illegal, but Seth assures that it is all very legal. It’s not a tax technique; it’s written n the code. However, you should make sure to partner with some like Seth, who does this consulting daily. Seth and I urge you to get informed and educated not these matters before you jump in, and Seth can help you do that.
Watch the video above to hear more about Seth’s expertise regarding tax savings and retirement planning, as well as some personal interests of his. Check out last #FinanceFriday, and have a great weekend.
As always, if you’re looking for a fantastic CPA to help grow your business and wealth, set up a zoom call with me.