DecaMillionaire Decoded SIMPLE IRA - What is It and When Should You Use It?
In episode 187 of Financially Simple, Justin goes over SIMPLE IRAs.
A SIMPLE IRA is a Savings Incentive Match Plan for Employee IRA, which is a tax-deferred retirement plan allowing for investment. Justin explains the pros and cons of a SIMPLE IRA, and why a Business Owner might choose one over another employee retirement strategy.
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FULL TRANSCRIPTION: BLOG: Small Business Retirement Plan Comparison
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TIME INDEX:
01:10 - What is a SIMPLE IRA and When Should I Use It?
02:49 - IRA vs. SIMPLE IRA
08:21 - Requirements
11:26 - Pros of a SIMPLE IRA: Easy to Establish
12:25 - Tax Credits
13:08 - Contributions
15:38 - Cons of a SIMPLE IRA: Can’t Save as Much for Retirement
16:18 - It Cannot Be Rolled Over into a Traditional IRA Easily
17:29 - No ROTH Option
17:51 - Conclusion
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BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. He is a multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.DISCLOSURES:This podcast is distributed for informational purposes only. Statements made in the podcast are not to be construed as personalized investment or financial planning advice, may not be suitable for everyone, and should not be considered a solicitation to engage in any particular investment or planning strategy. Listeners should conduct their own review and exercise judgment or consult with their own professional financial advisor to see how the information contained in this podcast may apply to their own individual circumstances. All investing involves the risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Investment advisory services offered by WealthSource Partners, LLC. Neither WealthSource Partners, LLC nor its representatives provide legal or accounting advice. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WealthSource Partners, LLC. Statements made in this podcast are subject to change without notice. Neither WealthSource Partners, LLC nor its representatives, the podcast’s hosts, or its guests have an obligation to provide revised statements in the event of changed circumstances. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes the use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
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The Exit Planning Institute's Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk-taker and specialist while showing characteristics of collaboration.
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