A SIMPLE Retirement Plan for Business Owners

ABOUT THIS EPISODE

On today's episode, Financial expert and Amazon best-selling author John Browning talks about how business owners can plan for retirement. Learn more when you Connect with John by texting "LIFE" to 21000 or GuardianRockWealth.com.

Welcome to the build your life podcast with John Browning. Build your life as a relaxed and unedited conversation with financial expert in number one Amazon bestselling author, John Browning Jones the founder of Guardian rock wealth and serves clients across the United States. John's the author of the book build a life, not a portfolio, a guide to your financial future based on your personal values, which you can purchase on Amazon, or stay around to the end of today's show and I'll tell you how to get a free copy mailed right to your door. I'm Michael The lawn, your host for the next few minutes as we chat with financial expert and business owner John Browning. What John Browning, welcome back to another great, fantastic episode of Your podcast. How are you? I am better than I was yesterday, not as good as I'm going to be tomorrow. Well, that's good. You're making progress then. That's awesome. R I love that. It's a great attitude. That's great attitude. Hey,...

...we's on forward and yeah, but forward movement. That's right. We don't want to go and reverse say. Hey, speaking of going forward, and thanks. Retirement plans for business owners are are hit and miss many times they don't have them, and I want to talk today on the podcast about a simple retirement plan for business owners. You get any idea of the thoughts around that? Well, it's really a timely topic because in many states around the country, based to clean the entire left coast, the entire sort of northeast, Illinois is, is one of the states that has this rule that if you have over five employees in your business, you are going to have to have a retirement plan and if you don't, you're going to be penalized for it. Now there's various dates, but you know, the the most the one coming up the fastest, is September two thousand and twenty two. So a lot of metal businesses are yeah, it's real soon and it could...

...become a national thing as well. This is something that, as they've been trying to push through on a national level as well, because seventy two percent of workers in small businesses are not covered by any type of retirement plan. Because, let's face it, I loose of us who ever run small businesses, yourself included. Yeah, know that. First of all, it's the scariest thing in the world to think about right make sure you get all the paperwork right, the filings right, and then it risks, you know, the employment and retirement. I was like, go my Gosh, don't get me you know, audited by those guys. You don't want to mess with it, and it's takes away from actually being able to do business. It does taste. Yeah, profits and revenue and time and energy and yeah, all of that. So if there's a couple ways you can address this, though. Okay, so you can go out and get a copy of higher...

...rest publication five hundred and sixty. Okay, talk to bottom. Can I get it? Can I get a root canal first? I mean seriously, I so, here's a deal. I've read it, or I've read most of it, and I had to keep waking myself up and I kind of find it somewhat interesting. So in imagine being a small business owner that enjoys what they're doing and half enough. Try and figure that out now. Thanks, but there are numerous ways that you can address that. By calling somebody like Guardian Rockwell, you will. We will help you through this process. We were not going to administer it for you, but we can put you in touch with people that that's exactly what they do all day long. Yeah, and yes, there's a fee for it. That is more than well worth it. Oh Yeah, Oh yeah, much better than than going to the state and either paying the penalty or the states actually generally have a program...

...that you can just sort of sign up for, right, and you know what they say about easy, it's not normally better. That's right. Yeah, I have yet to find a state that could, you know, let's just say, run so security all that. Well, right, yeah, it's something. You know, a government that can run a retirement program well, I don't think it exists, but that's just my opinion and you may have your own. So that's great. That's there are there are a few different ways to go. So the first one that everybody's tends to jump to is, Oh, I've got to figure out how to do a k right, necessarily, that's a that's probably the more difficult one to sort of figure out and do the administration for and follow all the Department of Labor rules for and all that. It works. You might want to think about it for...

...one Ky, if you have, say, over a hundred employees, okay, and you you don't have a retirement plan yet, that that's probably the way you would want to go. But if you've got, you know, five employees, if you got, you know, fifty employees or even up to even up to closer to a hundred, you can consider things like a simple, simpl e. It is actually that's the name of it, and it's Great Iri, and those are simple fair, you know, relatively speaking, those are simple, okay, don't have to kind of explain it to your employees. And having owned a small business, I know that can be a challenge and everybody's got to fill out the paperwork. I know that can be somewhat of a challenge to with a small business. But overall, that's that's a simple way to go and become compliant and again, this is something that we can help you with. There's what they call a Keo plan,...

...which hardly anybody has heard of, but if you're in a business where your it's it's closer and akin to a pension plan. If you remember those, they back when. Yeah, still, if you're a city worker or work for the government, you still probably have a pinion. Right, doesn't really exist for most of us, but they're still around. A kiowas kind of like that for small business and it allows you if you're if you're doing really well and you're making a lot of money, it allows you to contribute a lot more than say, a simple IRA. Okay, okay. There's also what they call a sep and Sep IRA, which also allows you to contribute quite a bit more than say, a simple IRA. So if you're doing well, HM and and you've got the money to contribute, there's reasons to do each one of these different things, which would make for way too long of a podcast if we got into all of those things. But yeah,...

...just as as an example. So one K you can contribute nineteen five hundred dollars per year. Is it the way? Is this per person for a purpose business owner? Okay, so, yeah, now if you're a simple IRA, the it's much lower. It's the same thing as with a regular IRA. So if you're under, if you're under fifty, eight six, if you're over fifty, you got to catch up a whole, you know, thousand dollars more. Seven thousand. Hey, every I always say every little bit, count every dollar. Pounce man. Yeah, right, with a key O you can contribute a lot more. We're talking in the you know, hundreds of thousands in that type of thing, okay, but there are rules when you get always rules how you can do it, who can be eligible for all that kind of stuff, and having somebody to watch over that for you is just it's not even an option right is not to do it yourself. That's right, I don't. I don't think a lot of...

...things are do it yourself and I've been guilty of doing it myself when I shouldn't have done it myself, but this is one of those things. Definitely, yeah, don't. Don't do it yourself now. But you've got to be aware of it, though, if you're a small business owner. You know, we just recently brought on a dentist office and set up a simple IRA for them and all place and it's you know, it's running and they are canal compliant. There you go. So that and which is really interest because there may be a lot of business owners who are not compliant with the laws of their state and they don't know what they they may not even know it, but be they. If they do know, they don't know what to do, and that's why they should reach out to you, John, and you could guide them, you can counsel, you could connect them with the right people. That's the other thinking about Ju is with Guardian Rock Wealth. It's not just you, but you've got this whole codre of people that you had. You know, you've got a you've got attorneys and different people on staff and CPAS and things that you can bring to the table. So it's not like somebody calls you and you're like well, I can't help you,...

...goodbye. It's like no, I know the guy, you know, I can connect you with these pieces to put it together, because you do what I mean. If you're working in a in a if you have a business and you're in a state, you need to be compliant with what other those state rules are, whether you like it or not. If you don't like litter, I don't really like being taxes either. But right, so it's having somebody like you in the corner, which I think that's you know when you when you tell people John, I'm a financial advisor. Well, yes, you are, but you're so much more than that, right and and it's things like this, is conversations like this, especially when you get into business and running business. This running businesses. He gets really complex really fast, and you need somebody like John to guide you, to sit down with you and say here are the five options you you basically have based on your situation. I'd recommend one of these two. Let's talk about that. That's the discussion. Right. They'll they're never going to get financial advice listening to this podcast because that's not what we do. We have conversations which hopefully...

...are really fun and educational and teaching them to reach out to you and say here's what you here's your next step. Reach out to John Guardian rockwealthcom. Talk to him scheduled call, get a copy of his book. Text the word life to twenty Onezero using your cell phone and just connect with him. Pick his brain. First conversation is just amazing. But then he wants to ask a lot of questions because it's about a relationship. Every bodies different and oh, every business is different too, I'm sure. Yeah, yeah, so a simple retirement plan for your business, for business owners. That's an option. There are lots of options and one option is to go back and read that irus ninet s. That what it was. Yep, fires banks. Yeah, well, I've got to go to bed, so that might be good reading. If you don't want to do that, reach out to John Browning, Guardian rock wealth or text life to twenty Onezero, and he...

...probably won't put you to sleep because he actually likes all this stuff and he has a he's a very unique way, I think, of explaining it. You do a lot of analogies and word pictures and things, which I really appreciate it because heavy finance is not my strength, but you make it at least understandable so much fun. So reach out to John Browning, have a great conversation with him and let him help you build a life and not just a portfolio. And that happens to be the name of your Amazon best selling books, so get a copy of that when you reach out to John Browning, Guardian rockwealthcom John Browning, thanks again for being here and I hope you continue to get better and better every day. You will see you next week. Money really is a big part of our life and John Browning can help you and your family learn how to keep money in the proper perspective. It's important, but it's only a tool that can help you build the life that you want. If you like, John Emilie a free copy of his book build a life, not a portfolio. Go to John's website, Gardian Rock...

...wealthcom, and click the contact US link and send your request. John Will Mell a copy of his book right to your door absolutely free. Thanks for listening to building your life podcast with John Browning. Be Sure to subscribe to this podcast so each new episode will be sent to you automagically when it's released. Have a terrific day. Nothing in this podcast should be construed as personal investment advice and past performance is no guarantee of future results. Investing is not appropriate for everyone. There is a risk of loss associated with investing in the markets. No representation or implication is being made that using any methodology or system will generate profits or insure freedom from losses. Please remember that investing carries risk. Guardian Rock Wealth LLC and its affiliates are fiduciary investment advisors. Please consult with US or another experienced qualified investment advisor before making any investment decisions and or trying to implement any of the strategies and tactics we may discuss in any of...

...our publications or podcasts.

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