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The Missing Piece to Your 401(k): Plan Design

Plan design may be what your financial advisor missed.

As a small business owner, you are working hard every day to run your business and keep your operations running efficiently. It is often easy to overlook personal financial matters. You may feel the pressure around tax time to pay tax expenses. You may also look at your bottom line and wonder how to save more money outside of your business for retirement.

Was your current 401(k) plan designed with the help of an objective, outside consultant, such as a qualified retirement plan consultant? Did they analyze your business cash flows, discuss strategies to minimize taxes and increase employee contributions?

It is our experience that some financial advisors tend to lead with a discussion focused on investments. Instead, the focus should be on assisting to design a qualified retirement plan that will help you save more of your income on a pre-tax basis and lower your income taxes.

At Fortitude Private Wealth, we will invite a local qualified retirement plan consultant to a meeting with your CPA to have a conversation with you about your business challenges and goals. Our discussion will review your tax situation and help you determine what the best options are for increasing your pre-tax retirement savings.

If a business owner starts the process for setting up a retirement plan following this consultative process, it should go a long way towards minimizing any potential problems down the road. Focus on the big picture and plan for the long-term. This should help you take the right first step in selecting the best qualified retirement plan for your business.

About Josh Zorger

Joshua D. Zorger, CFP® is the President and Founder of Fortitude Private Wealth, a fee-only registered investment advisor.

Categories: Blog

Certified Financial Planner Fortitude Private Wealth
600 E Carmel Drive, Ste #159
Carmel, IN 46032
Phone: 317-819-8550