Unlocking Retirement Wealth: The Power of the Solo 401(k) and Backdoor Roth IRA
Unlocking Retirement Wealth: The Power of the Solo 401(k) and Backdoor Roth IRA
When it comes to investing for retirement, there's a plethora of choices at our disposal. The options may range from traditional IRAs, 401(k)s, and Roth IRAs, to lesser-known alternatives such as the Solo 401(k) and Backdoor Roth IRA. Here, we'll focus on these lesser-known strategies and explore how they can offer immense potential for self-employed individuals and small business owners to maximize their ...Read More
A Group Annuity 401(k) May be Wrong for Your Business
In Today’s world, a world without pensions and worries about the future of Medicare and Social Security, saving for your retirement is a critical part of financial planning, and for many people, a 401(k) plan is a large component of that plan. A 401(k) plan allows individuals to save money from their salary either pre-tax or post-tax and invest it to grow over time, with the goal of providing an income during retirement. One type of 401(k) plan that you may never heard of and many ...Read More
How to Save Taxes as a Business Owner With Kids
How to Save Taxes as a Business Owner With Kids
Many Business owners today are looking for ways to save on taxes but didn't know that they can pay their kids at a lower tax rate for work the kids do around the office. This strategy is one that has been around for a long time, but doesn't get talked about as often as it should be. It's been around for a long time, long enough that my wife used to help clean her dad's office back in the 1990's.
Let me take some time to explain ...Read More
10 Reasons Your Business Needs a 401k
Many employers across the country have expressed interest in starting a 401(k) or other retirement plan but have not followed through due to their concerns over the complexity of setting up and maintaining ...Read More
Why You Shouldn't Hire Your Payroll Provider to Manage Your 401(k)
If you are going to buy a new printer, I wouldn't recommend you go talk with your attorney about which printer is best (unless you are worried about your liability). Yes, attorneys use printers probably more than any other professional you know, but are they qualified to tell you which is best for your situation? I think not.
So why do the majority of ...Read More
Facing a Bear - Do You Run or Stand Your Ground? MWA 3rd Quarter Market Commentary
Staring Down a Bear Our Thoughts on the Markets Insight into MWA Rebalancing Methodology Understanding the Mechanics of a Client Question, “Am I losing out?” What’s Going on around the Mills Wealth Office ...Read More
Personal 401k plan
It’s a fact that today’s company retirement system is failing small business employees. According to Chad Parks, CEO of Ubiquity Retirement, "Sixty-seven percent of small businesses don't offer retirement plans.” Depending on which study you look at "most employees have less than $10,000 in personal savings, people are bound to be working way past the age of 65.” So what’s a solution for this important problem? I think a solution is for small business owners to utilize ...Read More