094: Adopting A Company 401k To Maximize Tax Savings With Guideline & Gusto

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It can be so intimidating to start to talk about a 401k for yourself as a business owner, much less adopt a company 401k, especially if you're just a two-person team with your first deputy team member.

If retirement and being aggressive towards retirement are on your radar, there's no better time than now to understand what adopting a company 401k means. The savings for you could be substantial depending on how your financials look and where you are at in the season of your life. 

It’s also worth noting the importance of having the right partners in place. At The Bottom Line®, we have found the best partners in the market that we have used in our business and with our clients. First, is Guideline, a retirement platform that offers a wide range of 401k products. Our other partner is Gusto, which is our payroll partner.

Adopting a company 401k is a huge decision because there are a lot of moving parts to it. It impacts not only you as the business owner, but also your employees and the company itself. It impacts your cash flow, your profitability, and your taxes. 

Therefore, it’s crucial to have that mental acuity and clarity to make sure that you're adopting a company 401k at the right time, backed with all the facts and the data, and having the right partners to help you set up the right type of plan and systems based on how you're structured and how your finances are going.

In this episode, you will hear:

  • The three scoops of a profit decision
  • Mindset shifts you need to make before embarking on this
  • When to know it’s time to make the call
  • Understanding the fees involved
  • Things to think about when designing your plan
  • Timeline for implementation
  • Employer matching, non-elective contribution, profit sharing
  • The importance of an integrated payroll solution
  • The concept of the Safe Harbor
  • How Guideline can help you with compliance

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Previous Episodes:

Episode 075: Common Retirement Plans for Small Businesses in 2022

Episode 079: How HSAs Benefit You Now and At Retirement

Episode Credits

If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.

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