Business
No client has ever said “I want to pay more in taxes.” However, many business owners make financial decisions that are effectively choosing to give more money to the government, especially when it comes to retirement planning. Few people understand this better than Brian Hartstein. Brian is the Director of Corporate Development here at Bayntree Wealth Advisors, and he brings more than twenty years of experience to the firm. His areas of focus include tax, business, and retirement planning as well as all types of specialized and general insurance procurement and planning. His approach consists of educating clients, as well as working with their accounting and legal advisors, to create efficiency in their overall planning thereby enriching their personal lives and the lives of their families. Today, Brian joins the podcast to talk about how solopreneurs, small and medium, and large business owners can build plans to meet their needs, retain employees in this time of extremely low unemployment, and be proactive in the planning process. This episode isn’t just for business owners, though. If you work for a business that offers plans, we’re also going to share plenty of things you can take to HR, or the owner, to make sure that your retirement plan is the best it can be. In this podcast interview, you’ll learn: The major mistakes business owners make - and the opportunities they often miss out on. Why the pension plan has been phased out in favor of the 401(k) - and Brian’s tips for people whose employers offer 401(k)s. The different retirement plans available to business owners, their major pros and cons, and how to choose a plan that best suits your or your organization’s needs. Why the SEP IRA may not be a good choice if you have 5-7 employees. How to use a combination of pension plans, 401(k)s, and profit sharing can work in tandem to provide a combination of savings and tax advantages. How pension plans are protected from creditors, ensuring assets will still be there when you retire.