Unlock Your Business Potential: Exploring Non-Qualified Retirement Plans!

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How can you maximize your business potential? In this episode of the Small Business Tax Savings Podcast, Mike welcomes Matt Ruttenberg. Matt provides an overview of the different plans available and how they can benefit both employers and employees. 

Matt covers topics such as the different types of deferred compensation plans, the bonus 162 plan, and life insurance retirement plans.

Tune in now and hear Matt discusses how a better understanding of the different non-qualified retirement options available and when it makes sense for you to use them!

[00:22] Discover Non-Qualified Retirement Options

• Today’s topic is, “Unlock Your Business Potential: Exploring Non-Qualified Retirement Plans!”
• Non-qualified retirement options remove the tax benefits and rules associated with qualified plans
• Deferred compensation is the most restrictive type of non-qualified plan

[04:48] Unlocking The Benefits Of A Bonus 162 Plan

• A deferred compensation plan is a way to bonus employees at retirement
• The Bonus 162 Plan is an executive bonus plan that uses only a life insurance platform
• Restrictions for targeting key employees
• The plan mimics a vesting schedule and the taxes are wiped out when the employee takes over the policy

[10:22] Exploring Retirement Plan Options

• The employer pays taxes on any bonuses given to the employee in that year
• The cash value of the policy grows tax deferred and mimics a ROTH when taking money out
• Life insurance policies have their place, but they are oftentimes oversold
• Every person is different and there are different solutions available

[15:25] Closing Segment

• Matt provides his insights to listeners to have a better understanding of the different non-qualified retirement options available to business owners!
• Final Words

Key Quotes

“When you remove the qualified stamp from a plan, it removes a lot of the rules that go with it, not only from you as an individual, but you from an employer. So, you don't have to offer it to employees. There are no limits on contributions.” – Mike Jesowshek, CPA

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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

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