In this episode of the Healthy Wealth podcast, Chris Hall interviews Matt Ruttenberg, co-owner of Life Inc. Retirement Services, about how businesses can optimize their retirement plans. They discuss the role of third-party administrators (TPAs), the importance of custom 401(k) plans, and advanced strategies for maximizing contributions. Matt emphasizes the need for business owners to have a financial team, including CPAs and financial advisors, to navigate the complexities of retirement planning. The conversation also covers executive benefits and non-qualified plans, highlighting how business owners can target key employees without impacting the entire workforce. The episode concludes with a call to action for business owners to seek personalized retirement planning advice.

Takeaways

• Not all 401ks are created equal; customization is key.
• The role of a TPA is crucial for compliance and efficiency.
• Business owners can save significantly on taxes through strategic retirement planning.
• Understanding the difference between prototype and custom plans is essential.
• Maximizing contributions requires a clear understanding of plan design.
• CPAs should provide proactive advice, not just tax preparation.
• Executive benefits can be tailored to retain key employees without affecting all staff.
• A financial team is necessary for effective retirement planning.
• The IRS provides loopholes for tax savings that should be utilized.
• Business owners should regularly review and adjust their retirement plans.

To listen to more episodes, hop over to https://reddingfinancialadvisors.com/podcast/

To find out more about Matt Ruttenberg, visit https://www.linkedin.com/in/mattruttenberg