BONUS: Small Business Bootcamp

Jill on Money with Jill Schlesinger

Audacy

Self-improvement, Education, Business, Investing

4.6 • 1.9K Ratings

🗓️ 10 May 2021

⏱️ 21 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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

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

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

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

Among the options discussed:

Individual Retirement Account (IRA): You can choose a traditional IRA, where you pay taxes in the future or a Roth, where you pay taxes today.
Simplified Employee Pension (SEP-IRA): This is a good option for those who have up to 25 employees and want to offer a retirement benefit that is easy to operate.
Savings Incentive Match Plan for Employees (SIMPLE IRA Plan): SIMPLE plans were aimed at slightly larger small business owners (usually up to 100 employees), who wanted to provide employees a way to save for retirement.
Solo 401(k) plan: Alternatively referred to as an “individual 401(k)” or “uni-401(k),” this plan is geared to small business owners who have no employees (other than a spouse) and have the capacity to sock away a lot of dough.

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

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

Have a money question? Email me here.

Please leave us a rating or review in Apple Podcasts.

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

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome to this bonus episode of the Jill on Money podcast.
0:08.6	It is Monday, May 10th, and we are participating in this cool Dell podference.
0:14.9	It's really focusing on small business and how small businesses were able to navigate
0:21.0	the COVID-19 era.
0:23.5	We thought it would be a great, fun surprise.
0:27.2	If we brought back one of our favorite guests, Michael Goodman to the program.
0:31.2	He himself is a small business owner, Wealthstream Advisors is the name of his firm, and he also
0:36.7	gives advice to a lot of other small business owners, so here is our special episode with
0:42.3	Michael Goodman.
0:43.8	Let's start with a couple of questions for you, and I'm going to talk to you first as a
0:49.2	small business owner yourself, because you've got a thriving investment management and financial
0:55.1	advisory firm, so talk a little bit about what happened a year ago or more than a year
1:01.1	ago, when things were shut down, what occurred first and foremost in your business?
1:06.2	Yeah, we had a double impact, but the first thing that we focused on, of course, was
1:11.1	everybody's safety and health, and that meant having to leave our office.
1:16.4	We have a pretty tight-knit culture.
1:18.5	Everybody gets along really well, likes each other in our company, and we enjoy working
1:22.6	together and collaborating, and we had to immediately go remote.
1:25.8	So that was probably the first and most important thing that happened.
1:29.4	The second thing that happened was we work in the financial markets.
1:33.8	We help our clients and our client families manage their financial affairs and their lives
1:39.0	and their financial plans, and the idea that all of a sudden there was this big question
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Audacy, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Audacy and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.