As a business owner, securing your financial future requires making important decisions and considering various factors.
It’s easy to get caught up in the daily hustle and forget about the need to build a strong retirement plan.
In this episode, Financial Dignity® Coach, Christine Luken, sits down with Darren Wurz, co-owner of Wurz Financial Services and host of The Lawyer Millionaire™ Podcast. They dive into retirement savings options for business owners. They explore strategies like backdoor Roth IRAs and solo 401(k) plans. Darren also highlights the importance of building savings outside of retirement accounts and cautions against relying solely on the sale of assets.
Christine and Darren discuss:
- Darren’s background and experience in financial planning for attorneys and law firm owners
- The difficulty for self-employed individuals to prioritize saving for retirement
- Retirement savings options for solo entrepreneurs and small business owners
- The benefits of a cash balance plan for retirement savings
- Non-qualified compensation plans
- The importance of considering saving and investing outside of retirement accounts
- The potential pitfalls of relying solely on the sale of a business or property for retirement savings
- And more!
Related: Money Is Not Evil