Stephanie McCullough (00:06):

Welcome to Take Back Retirement, the show for women 50 and better, facing a financial future on their own. I’m Stephanie McCullough, and along with my fellow financial planner, Kevin Gaines, we’re going to tackle the myths and mysteries of “Retirement,” so you can make wise decisions toward a sustainable financial future. Through conversations and interviews, you’ll get the information and motivation you need, to move forward with confidence. And we’ll be sure to have some fun along the way. We’re so glad you’re here. Let’s dive in.

Stephanie McCullough (00:40):

You did it. You made the leap. You left behind that corporate nine to five or nine to eight, the micromanaging boss, the freeloading co-workers, the situation where there was fewer people to do more work. Now you’ve started your own thing. You’ve got endless potential. The world is your oyster, you can do what you’ve always dreamed of. And you also left behind that nice 401(k) plan with the match.

Stephanie McCullough (01:15):

Coming to you semi-live from the beautiful Westlakes Office Park in suburban Philadelphia, this is Stephanie McCullough and Kevin Gaines of Sofia Financial and American Financial Management Group. Say hello, Kevin.

Kevin Gaines (01:26):

Hello, Kevin. It happens all the time in the spring we get, and when I used to work in the bank same thing would happen, we’d have people come running in, in March or even early April saying my accountant says I have to open up an IRA. All right, well that still continues to happen. But what we also see a lot of is people rushing in saying my business account it says, I need to open up a SEP-IRA in order to save money from the previous tax year. That’s always struck us as an interesting point that it’s always a SEP-IRA that has to be opened.

Kevin Gaines (02:05):

It’s never a solo 401(k) or a SIMPLE plan or anything else. There’s a simple reason because by the time you get into the next calendar year, the SEP-IRA is the only thing you have left to open. Stephanie, I know this is an episode we’ve really wanted to do for a while to try to head off that issue and let everybody know there’s different options. SEP-IRAs still may be the best option for you but if you plan like anything else, you start planning early enough, then maybe you’ll be able to take advantage of your other options.

Stephanie McCullough (02:46):

The big category of stuff we’re talking about here is how the heck do you save for retirement on a tax-favored basis if you’re self-employed? Now some of us have always been self-employed, some of us have made the transition. Some people go back and forth, but there’s a different set of rules that the IRS, Department of Labor, all those regulatory bodies, there’s a different set of rules depending on how you get paid. If you get a W2, which is what you get when you’re on a salary, there’s one set of plans available to you that your employer has to set up.

Stephanie McCullough (03:20):

If you get a 1099 or just clients pay you then you’ve got to file your taxes, then there’s a different set of rules and plans. The nice thing about leaving this to someone else is that let’s say your employer set up a 401(k) and every time I use the phrase 401(k), please also hear 403(b) if you work for a nonprofit or sometimes the government you’ll have a different combination of letters and numbers. But all these employer-sponsored government-regulated plans are very convenient. They’re super easy.

Stephanie McCullough (03:55):

You don’t have to do a whole lot of research on the rules around plans. You don’t have to worry about record keeping. They’re no fuss, no muss. The money comes automatically out of your paycheck, every pay period once you first sign up. That’s really nice. However, you also have a limited array of choices available to you in terms of your options and your investments. Once you’re self-employed, it’s the classic two sides of the coin. The upside is there’s a bunch of different stuff you could do, the downside is it’s on you to figure it out.

Kevin Gaines (04:30):

Yes. Really that’s the big thing and as all of us who are self-employed have quickly figured out, the good news is you can do whatever you want to do, the bad news is it’s up to you to go through and make the decision. We’re not just talking about the stuff you want to be doing, the reason you’re in the business in the first place, but all this HR stuff. You got to worry about health plan, you got to worry about insurance and obviously the retirement plan. What do you do?

Kevin Gaines (05:06):

Well, like I said, we put together this episode to walk you through the basics of what’s out there. We’re not going to go into numbers of saying, for 2021 or 2022 the limits are this and this is how the math is done. No, relax. We’re not getting into all this stuff. This is more, we want to familiarize you with what’s happening here and what you can do. To clarify, we’re not just talking about official businesses here. We’re talking about lots of things. If you get a 1099 you’re a candidate for some of these programs. Check with your accountant to make sure you don’t fall a foul of any rules or anything but even if we’re talking about a side gig, you’re an Uber driver, or you got a lawn mowing business on the side.

Stephanie McCullough (05:56):

Freelancer, or copywriter. Consultant.

Kevin Gaines (06:00):

Exactly. All these things are possibly eligible.

Stephanie McCullough (06:02):

Okay, and just to highlight, Kevin mentioned 1099. You know in January you get a piece of paper from people who have paid you, whether your employer or clients, that tells you how much they paid you for the year and that’s what you have to turn in with your tax return when you file on April 15th or whatever the date is that year. That’s what we’re talking about. If you’re on salary, the type of piece of paper you get is a W2. If you are self-employed in the eyes of the IRS, you get this thing called a 1099 which is how much you were paid by that employer.

Stephanie McCullough (06:38):

Then as you know, you’re responsible for taxes and withholding and that stuff so that’s what we’re talking about. Even if you have a W2 job but on the side you do tutoring or you review people’s resumes, who knows whatever it might be, you do some consulting gigs, you wrote a book, you make some proceeds from a book, all of that stuff could put you into this category of people who can take advantage of these self-employed retirement plans and like Kevin said, check with your accountant, check with your financial advisor to make sure for your specific situation because it’s the government we’re talking about who came up with these rules. There’s lots of rules. There’s lots of gray area.

Kevin Gaines (07:15):

One more point, not speaking to anybody in particular, the money that’s eligible to be contributed to retirement plans are monies that are eligible to be taxed. If you happen to be getting paid by cash and you’re not reporting the income, it’s going to be really hard to prove that you’re allowed to contribute to a retirement plan. Not that anybody would get paid by cash and I know everybody fully reports everything to the IRS, but just be aware.

Stephanie McCullough (07:46):

Then if it’s investment earnings, if you’ve got a pot of money paying off investments, that doesn’t qualify either. We’re talking about earned income. If you’re not self-employed you can push stop now and go to your next favorite podcast. But if you are, or if you have loved ones who are, we hope it’s going to be helpful.

Kevin Gaines (08:05):

Strangely, just from a reputational perspective, people may find this strange, one of the best places to go for information on retirement plans for small business is the IRS. The IRS.gov at least in my opinion, they have a really good section for small businesses and a lot of different tables and things for you to look at and learn from.

Stephanie McCullough (08:29):

They did write the book, after all.

Kevin Gaines (08:32):

The standard, as some of you may know, IRS has literally and that’s where IRS publication 560. IRS has publications for every form or tax policy you’ve got to worry about, the small employer, self-employed retirement plan publication is publication number 560. That would probably be the first thing you want to check out. That’s the beauty of the IRS publications and we’ll definitely have a link to this section of the IRS website in our show notes. Because like I said, this is I would say the first place you want to go when you’re trying to learn more and figure out which direction you want to go.

Stephanie McCullough (09:16):

Yep. There’s a few things to get clear on to guide you in directions of which type of plan or account option might be the best for you. The first one is, are you a solo or do you have employees? Once you have employees part of the retirement plan regulation intention is to make sure that employees, at least receive some fair treatment. I don’t want to put judgements on there, there’s all kinds of debate about that.

Stephanie McCullough (09:55):

But I do believe the original intention was that the business owner shouldn’t be able to save tons of stuff for themselves, tax-favored and do nothing for the employees. Once you have employees you’re at a different category of business.

Kevin Gaines (10:05):

Right. If you’re Ebenezer Scrooge, you’ve got to include Bob Cratchit. This is basically what all of the regulations are saying is you can’t just hoard the gold to yourself and expect to be able to get the salary deferral or the tax deferral. Keep that in mind, that’s how it works. Whatever you do for yourself you got to do for everybody else.

Stephanie McCullough (10:29):

This is governed by an act from the way back when called ERISA, we call it ERISA in the business, the Employee Retirement Income Security Act of 19 something or other. But again, too much information.

Kevin Gaines (10:41):

’74 because of the bankruptcy of Studebaker.

Stephanie McCullough (10:46):

Oh my goodness. See, this is why we call him the retirement geek. These are the rules on whether you have employees.

Kevin Gaines (10:55):

The important thing about ERISA for sole proprietors, especially, is ERISA retirement plans have really good protection regarding creditor protection and bankruptcy protection. We’re going to touch on this a little bit later, but the key letter in ERISA is the E, which stands for employees. If you are literally your own employee, your plan actually is not an ERISA plan so you’re going to be covered under your state’s protection which in some cases are very good. Other times it might be a little bit weaker but that might be something else to take into account if you’re in a profession or a job where you are really worried about lawsuits. You wouldn’t expect it.

Stephanie McCullough (11:47):

Either against you or your employer.

Kevin Gaines (11:49):

Exactly. Yes. Just these little things are going to dictate which type of retirement plans you’re going to gravitate towards and what else do you think is important to consider Stephanie?

Stephanie McCullough (12:00):

This seems like a silly question in some instances, but how much are you looking to put away? How much do you want to save? Again, on a tax-favored basis. Anytime we’re talking about a retirement account, you’re getting some tax break because the government wants to incent us all to say for retirement. Because Social Security was never meant to be enough to live on. Nothing, absolutely nothing is stopping you from opening up a plain old investment account and socking a ton of money in there. That is absolutely fine and you don’t get a tax deduction putting money in and you’ll get a 1099 when it grows and you’ll pay capital gains when you sell stuff.

Stephanie McCullough (12:39):

That’s all completely, perfectly fine. So many people neglect that as well. But when you’re looking at, okay, how much can I put away if you’re a small business owner and you’re just starting, maybe you don’t have a heck of a lot of money, a lot of free income to be socking away for the future. If you’re looking to put away smaller amount that puts you in one category, or if you’re trying to sock away as much as possible then you’re looking at a different category of stuff. How’s that for being general Kevin?

Kevin Gaines (13:06):

That’s pretty good. I’m going to over hype and tease so everybody listens to the end for that 1/10th of 1/10th of our listeners that this could apply to, the last retirement plan we’re going to talk about are for those of you who just have beaucoup cash coming in and you’re really looking to sock away as much as possible, there actually is an overlooked though expensive way to do it. There’s my gimmicky tease.

Stephanie McCullough (13:34):

Building the suspense. All right. Where do we start on this list of options?

Kevin Gaines (13:43):

Let’s go with, well, you actually went with the simplest option which is don’t even worry about the tax deferral, especially if you’re a startup business and you got a lot of losses you may not even be worried about deferring salary, just use a taxable account. But what is the second simplest thing? The account already exists. Your traditional IRA or Roth IRA. There’s nothing wrong with using that particular account.

Kevin Gaines (14:08):

Yes you have lower contribution limits than what you will have with these other plans but again, if you’re only going to be saving a few thousand bucks, nothing wrong with keeping it simple. They’re cheap, yes they have low limits, but they’re simple. You’re not committed to providing anything for your employees because again, it’s your personal retirement account.

Stephanie McCullough (14:33):

The I stands for individual in IRA.

Kevin Gaines (14:37):

And that is personal so that works for you.

Stephanie McCullough (14:39):

Some folks, if they’re coming from a situation where they were participating in a 401(k) were not eligible to do a traditional tax deductible IRA before, but if you’re no longer eligible for that plan at work, now you are. You can do a regular old IRA and deduct that, like Kevin said, few thousand bucks, we’re not going to get into specific numbers because they change every year, into a regular IRA or you can do a Roth if you don’t make too much money. See our episode on IRAs.

Kevin Gaines (15:10):

That’s an excellent point, Stephanie, that if you are not covered by a retirement plan at work there is no income limit on the deductibility of your IRA contribution. Keep that in mind. Again, it’s not a lot but it’s not nothing. Next plan we want to touch on is the solo 401(k) which is slightly different than the 401(k) you are used to dealing with because as the name implies, it’s only for you. You cannot have any other employees except your spouse interestingly, if your husband or wife works with you or you employ them, you’re still allowed to have the solo 401(k).

Kevin Gaines (15:53):

Well, first the good news, it’s probably going to be a lot cheaper than a regular 401(k). You don’t have all the same. You don’t have all the reporting requirements. A lot of these custodians you see advertise on TV, Schwab, Fidelity, Vanguard, take your pick, they all offer a solo 401(k) you just open it up like any other account. Doesn’t have any fees or anything associated with the maintenance of it so it’s a fairly good option for some. The one thing to keep in mind on the downside, we talked about ERISA earlier, the important thing being the E not the R, this is where it comes into play. 401(k)s are ERISA plans. Solo 401(k)s are not ERISA plans. You don’t have that protection. Keep that in mind.

Stephanie McCullough (16:43):

Okay. You said protection. Elaborate on that for a second. What do you mean protection?

Kevin Gaines (16:51):

Going back about the bankruptcy and creditor protections that if your butt ends up in the court, if you have an ERISA plan, whether it’s a pension or 401(k), 403(b), they can’t be touched by and large.

Stephanie McCullough (17:07):

According to federal law.

Kevin Gaines (17:10):

Correct. However, these plans are not ERISA unless you have an employee therefore they don’t have that at uber protection that ERISA plans have. They still have a healthy amount of protection, but not as much as what you could see in an ERISA plan. The other thing to point out about the solo 401(k) is it’s still considered a qualified plan for the 10% withdrawal penalty. As we’ve discussed in previous episodes, if you take money out of your retirement account before you’re 59 ½, you’re going to pay a 10% penalty unless you meet certain requirements and there’s three categories to these requirements.

Kevin Gaines (17:54):

The first one is all retirement plans are covered or exempt from the 10% rule, whether it’s an IRA or a qualified plan. For example death. Always exempt from the 10% penalty regardless of whether it’s an IRA or 401(k). But then there’s some exemptions that only apply to IRAs and some that only apply to qualified plans. Of the accounts we’re talking here-

Stephanie McCullough (18:25):

Rabbit hole alert. Rabbit hole alert.

Kevin Gaines (18:30):

Hey, I’m not going to talk about what the exemptions are, just understand that they exist and the solo 401(k) has different ones than a SEP or a SIMPLE, et cetera. Then the other thing with the solo 401(k) is legally, you can take a loan just like you can from your 401(k), your regular 401(k), you can still take a loan from this solo 401(k) as opposed to the other plans we’re going to discuss where they’re not eligible to take a loan.

Stephanie McCullough (19:04):

So a loan’s a way you could access some of that money before 59 ½ if you needed to. There’s the whole deadline issue that you mentioned, you touched on a little bit earlier. Let’s say I wanted to open myself a solo 401(k) for 2021, when do I have to do that?

Kevin Gaines (19:23):

12/31. This plan has to be established by the end of the year. Now, please note, said established, we didn’t say funded. The IRS in addition to having different dates when these plan have to start, they also give you some flexibility on when these accounts have to be funded. Again, avoiding the rabbit hole and making this an hour and a half long podcast IRS.gov is going to have all those details for you or just look them up online.

Stephanie McCullough (19:54):

So, as long as I open my account by the end of the year, I’m good I can put the money in a little bit later, but I have to have it open before New Year’s Eve?

Kevin Gaines (20:04):

Yes you are correct.

Stephanie McCullough (20:05):

All right, before I go to my New Year’s Eve party.

Kevin Gaines (20:08):

All right, that’s the solo 401(k), Stephanie, what’s next on our list?

Stephanie McCullough (20:12):

Next, we have an interesting thing called the SEP-IRA. We spell it S-E-P dash I-R-A and I do believe the SEP stands for Simplified Employee Pension, even though it’s not a pension.

Kevin Gaines (20:24):

Yes. Again, always be careful not to get hung up necessarily on the words that are used in some of these names. Well, the SEP-IRA is probably the most popular option for small business owners. I know that’s the one I use for example.

Stephanie McCullough (20:40):

Me too.

Kevin Gaines (20:42):

It’s simple. It follows a lot of the IRA rules as far as when to establish. Getting back toward the beginning of our podcast episode, when people walk in February, March, April saying my accountant says I should open a retirement plan for work, this is the one you’ve got to open because this is the one that has that latest start date.

Stephanie McCullough (21:08):

To be clear, if I want to make 2021 contributions I can open this a couple days before filing deadline April 15th, 2022.

Kevin Gaines (21:17):

Yes.

Stephanie McCullough (21:18):

Okay. What else is different?

Kevin Gaines (21:22):

Well, these are individual accounts meaning if you have employees, say it’s you and three others, each of you have your own standalone account. It’s not one account that everybody contributes to like you would say a pension or even a 401(k) they get broken out individually but it’s set up as a master plan. That doesn’t exist here. Each is an individual standalone.

Stephanie McCullough (21:46):

I can use the SEP-IRA if I have employees.

Kevin Gaines (21:50):

Absolutely. That’s the thing. All the plans we’re talking about going forward, the solo 401(k) is the only one where you can only be by yourself. All these other ones, you can have employees without issue. Yes, the SEP and again, IRA, it follows a lot of the IRA rules other than the contribution limits which are much higher.

Kevin Gaines (22:15):

The other thing with these is these are employer plans. These contributions are employer contributions which means you could still contribute to your own IRA if you wanted.

Stephanie McCullough (22:30):

On the side?

Kevin Gaines (22:32):

On the side. For example, the SEP-IRA you’re not going to find them with Roth option. Well, you can still have a Roth IRA and contribute to that.

Stephanie McCullough (22:40):

How does one know how much they can contribute to a SEP-IRA? Again, generally not specific numbers, but there are rules here.

Kevin Gaines (22:48):

Yes. The limit is 25% of what you earn or your net income, if you’re a Schedule C filer and for those of you who file a Schedule C you know what I’m talking about. If you don’t know what I’m talking about, it doesn’t apply to you. You’re good.

Stephanie McCullough (23:05):

Right. Don’t worry.

Kevin Gaines (23:07):

And there is actually an upper number that increases each year, that the max is 25% of that. But if for whatever reason you say you only earned 50,000 this year, you’re allowed to contribute 25% of that but you still have a couple extra bucks lying around that you want to put in towards retirement, well, that’s what your personal traditional IRA is there for. And unlike a lot of other qualified plans, and again, your own IRA, there is no catch-up with a SEP-IRA. Once you get over 50-years-old, you’re allowed to put extra money into your retirement accounts, that catch-up does not apply to a SEP-IRA. If you’re an older individual, that might make a difference regarding choosing the SEP.

Stephanie McCullough (23:57):

Okay, good. What else we got on this list?

Kevin Gaines (24:00):

Well, let’s go with, adding a little opinion here, probably the retirement plan that I find the most ill named, the SIMPLE IRA, which is routinely mocked as being anything but simple, at least relative to these other plans.

Stephanie McCullough (24:20):

SIMPLE’s an acronym right? I’m not going to pretend I know what it stands for but it is an acronym as opposed to an adjective.

Kevin Gaines (24:30):

Yes. You can almost think of this as the gateway plan to a real 401(k) because it’s really designed for smaller businesses with employees. In fact, in the regulations they say you cannot have more than a hundred employees and use this SIMPLE plan but you have 10, 20, 30, 40 employees, the SIMPLE’s actually going to work out pretty good for you probably if you’re definitely focused on keeping your costs low, which again, with the traditional 401(k), they tend to cost a little bit more.

Kevin Gaines (25:08):

The contributions are employee contributions. Your peeps can sit there and if they want to defer some of their salary, they can do it. Now, there is a mandatory contribution from the employer and again, the dollar limits change a little bit each year but essentially the minimum is going to be an employer has to contribute at least 2% of each person’s salary into the SIMPLE account. There’s other provisions to worry about but that’s the big headline there. Now, the thing with the SIMPLE, if you’re listening to this in 2021, it’s too late for you to do it.

Kevin Gaines (25:55):

Sorry. The deadline for setting these things up is October 1st. This is something you want to think about for 2022 or if you’re listening to this five years from now, assuming the rules haven’t changed, keep that in mind. Set it up by October 1st. There is one exception that if you open the business after October 1st you’re still allowed to open a SIMPLE for that particular year but it’s somewhat gray timeline, just saying as soon as it’s feasible for you to open the plan you’re to open it.

Kevin Gaines (26:33):

Then the other little quirk with a SIMPLE plan is any of these other plans, you can roll into another qualified plan or your own IRA whenever you want. SIMPLE IRAs, they have a two-year rule that you cannot roll money into it or out of it before the plan is two-years-old. It’s a little quirky. I remember somebody once explained why, but it didn’t stick with me because it’s not all that important. The bottom line is, if you open this plan, you’re stuck with it for two years.

Stephanie McCullough (27:05):

Or let’s say you were an employee and you were a participant in a SIMPLE plan, you had to have had that account opened for two years before you can roll it over into your own IRA.

Kevin Gaines (27:18):

Right.

Stephanie McCullough (27:18):

That’s a good point. Any of these things can be rolled over into an IRA when that makes the most sense. We won’t go down that rabbit hole either but all these things fall under that same category.

Kevin Gaines (27:33):

Interestingly again, on IRS.gov, they actually have a chart that shows you the accounts you could roll in from and the accounts you’re rolling to and it says you can do it immediately or you got to wait two years. I just simplified the chart for you. If it’s a SIMPLE plan, you got to wait two years. If the SIMPLE plan’s on either side of the equation-

Stephanie McCullough (27:50):

Everything else.

Kevin Gaines (27:50):

Everything else you can do it immediately. If you decide, we don’t want to do a SEP anymore we want to go to a 401(k) or we want to terminate the solo 401(k) I’m going to hire somebody, then yes, you can just go ahead and move that money into the successor plan without any issue.

Stephanie McCullough (28:07):

I think that’s a good point. If you decide and you open up one of these accounts, it’s not like you’re stuck with it for life or until you retire. There are certainly ways that you can continue the tax treatment and change the type of plan it’s in. Again, double-check with people, triple-check, follow the rules, but it can be done. It’s really not a problem.

Kevin Gaines (28:27):

No. Okay. As promised, we’ve covered the major retirement plans but I promised you the super duper way to save gobs and gobs of money. You can always set up a pension plan for yourself and this may sound kind of extreme, but here’s the thing. A pension plan is based off of your highest years of earnings and it has to be designed to pay out over your life expectancy. Well, in order to come up with those numbers the actuaries have formulas and yes, you have to hire a plan administrator and actuaries to do this stuff for you, they’re not cheap, which is why I said, this is not good for a lot of people.

Kevin Gaines (29:23):

But if you are earning a lot of money and you’re older and you don’t have other employees, or maybe you have an assistant or one or two others especially if they’re very young, because again, life expectancy comes into play here, you’re going to be able to save a lot of money to build up this pension plan because you’re 60-years-old and the plan’s starting from zero, you’re earning, $3-400,000, that’s a lot of money you get to put away. I actually have a client who last year put away $150,000 into his pension account.

Kevin Gaines (30:05):

He’s his only employee. He doesn’t even have an assistant or an anything. He, obviously, earns quite a bit of money and is just looking to salt away as much as possible. For him, this makes sense. Are there going to be a lot of people using this? No. But for those of you that it does, don’t forget about this. This is a nice little opportunity for a few of you. I think that pretty much covers the highlights of the different plans.

Stephanie McCullough (30:40):

I hope it’s helpful because some people they leave behind an employer-sponsored plan, they leave their corporate job or non-profit job or whatever it is, they want to do their own thing and they get their health insurance in place, maybe they figure out some other stuff. I think sometimes the retirement savings doesn’t get thought of with the same amount of urgency. But with these plans you have an annual limit you can contribute and if you miss the deadline you’ve missed it.

Stephanie McCullough (31:11):

Now like I said, you can always save in an account that’s not part of this plan, but if you missed the 2021 deadline to contribute for 2021, you can’t double up in 2022, again to get these tax benefits. I think it is something you want to look at and just because you can’t save up to the maximum limit doesn’t mean it’s not worth saving something. We always advocate this business you’re starting or even just being a solo person, a 1099 type of maybe consultant or that kind of a thing, you’re doing it for your own benefit.

Stephanie McCullough (31:44):

We want present-day you to benefit, we want future you to benefit. If you can get in the habit of putting something away for the future in one of these structures to be changed and adjusted as life goes on, I think that’s an important piece of your planning for this next chapter.

Kevin Gaines (32:02):

Right. I think that’s a problem a lot of us self-employed and small businesses have is we’re so focused on getting the business up and running, doing the day-to-day stuff, making sure the checks come in, that we forget about the other stuff, the retirement-

Stephanie McCullough (32:22):

The longer term, the big picture.

Kevin Gaines (32:24):

Exactly. Like I said, the only time this normally gets thought of is when we’re having conversations with our accountant saying, “Hey, you can reduce your taxes if you put a couple bucks away.” It’s like, “Yeah, let me just throw it into this.” There could be better plans than just throwing a couple bucks into a SEP-IRA and you don’t want to get caught up violating any type of employment or tax laws.

Stephanie McCullough (32:55):

That’s never good.

Kevin Gaines (32:57):

That’s never a fun time because if you don’t think you have time to think about figuring out which your retirement plan to go for, imagine how much time you’ve got to waste dealing with the IRS or Department of Labor. Enjoy.

Stephanie McCullough (33:10):

Not fun. I hope this was a useful overview. We’ll definitely have links in the show notes for you to some of these documents. Like I said, the IRS wrote the book and their resources surprisingly, sometimes their forms are not the most easy to understand but I think some of these document where they lay out the different kinds of plans will at least to give you a really good start and instead of Googling it and being taken to whichever source might pop up first, go to the horse’s mouth.

Stephanie McCullough (33:38):

Go to the people who actually write the rules and enforce them. We’ll have those links for you. We hope you’ve enjoyed this. We hope it’s been useful. Please reach out to us, let us know. We’d love to hear your feedback. In the meantime, thanks for being with us. We’ll talk to you next time. It’s goodbye from me.

Kevin Gaines (34:00):

And it’s goodbye from her.

Stephanie McCullough (34:02):

Be sure to subscribe to the show and please share it with your friends. Show notes and more information available at takebackretirement.com. Huge thanks for the original music by the one and only, Raymond Loewy through New Math in New York. See you next time.

Disclaimer (34:15):

Investment advice offered through private advisor group, LLC, a registered investment advisor. Private advisor group, American Financial Management Group, and Sofia Financial are separate entities. The opinions voiced in this material, are for general information only and are not intended to provide specific advice, or recommendations for any individual security. To determine which investments may be appropriate for you, consult your financial advisor, prior to investing. This information is not intended to be substitute for individualized tax advice. Please consult your tax advisor regarding your specific situation.