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Episode 21 – Money Mindset: Investing in Your Future with Alleson Tate and Rickie Taylor of Retirement Plan Consultants

MBE Magazine Staff

MBE magazine contributor Alleson Tate, certified financial planner and owner of Avere Wealth Management, talks to special guest Rickie Taylor of Retirement Plan Consultants about how diverse business owners can ensure they’re adequately planning for their financial future.

You can get more insights and information from Alleson at Money Mindset. And, sign up for her email newsletter, Money Mindset, to receive financial tips in your inbox every two weeks.

Also, this episode’s sponsor is Comcast RISE, a grant program built to help businesses and their communities thrive with a focus on economic growth. Comcast RISE has awarded 13,500 small businesses to date with over $125 million in monetary, marketing, and technology grants. 

To find Comcast RISE businesses near you, visit https://bit.ly/RISEQ124_MBE_Pod.

SHOW NOTES

Summary

In this episode, Alleson Tate discusses the importance of retirement planning for business owners with Rickie Taylor, a retirement plan consultant. They cover topics such as the benefits of offering a retirement plan to employees, the appropriate size of a business for a 401k plan, the process of setting up a retirement plan, the costs involved, and the legal and fiduciary responsibilities of business owners. They also discuss how to effectively communicate the value of a retirement plan to employees and offer contact information for further assistance.

Takeaways

  • Offering a retirement plan can attract and retain quality employees and provide tax benefits for both the business owner and employees.
  • The size of the business and the business owner’s ability to contribute should be considered when choosing a retirement plan.
  • Setting up a retirement plan involves gathering information, building adoption agreements and service agreements, and educating employees.
  • The costs of setting up a retirement plan include plan setup costs, annual administration fees, per participant fees, and record-keeping fees.
  • Existing retirement plans should be analyzed for inefficiencies and cost savings.
  • Business owners have legal and fiduciary responsibilities when offering a retirement plan.
  • Communicating the value of a retirement plan to employees can be done through education and showing the potential growth of their investments.
  • Contact Rickie Taylor or Alleson Tate for assistance with retirement planning.

Chapters

00:00 Introduction and Background

02:44 Introducing Ricky Taylor

04:07 Benefits of Offering a Retirement Plan

06:07 Appropriate Size of a Business for a 401k Plan

09:12 Setting Up a Retirement Plan

13:44 Costs of Setting Up a Retirement Plan

23:50 Legal and Fiduciary Responsibilities

26:35 Communicating the Value of a Retirement Plan to Employees

35:26 Contact Information

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