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Retirement Savings Strategies - Part B (w/John Vento, CPA, CFP) [Ep.67]
Manage episode 436928486 series 3479169
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We all want to retire at some point, right? But how do we save enough money to retire or work because we want to, not because we have to? Mr. John Vento, my CPA, is also a Certified Financial Planner who offers his advice on how to take advantage of tax-favorable strategies to maximize your retirement savings so you can retire sooner than you may have thought!
This is the second part of a 2-part series. Part A was released last week: https://podcasts.apple.com/us/podcast/retirement-savings-strategies-part-a-john-vento-cpa/id1689703392?i=1000666226231
In this episode, John will discuss:
o Reasons why you should want to set up a retirement plan for your practice and how it can help with employee recruitment and retention.
o The SECURE Act 2.0, including when it was passed into law, when it becomes effective, and how it will impact retirement plan contributions for you and your employees.
o The recent expansion of the ability to make Roth contributions.
o Significant tax credits that are now available for making contributions to your retirement plan and the retirement plan of your employees, including:
§ The Startup Tax Credit which allows you to legally double dip by not only deducting the expenses of training your team about their retirement savings options, but also receiving a tax credit for those same expenses!
§ Employer Contribution Tax Credit which allows you to receive a tax credit to subsidize you for putting money into your employee’s retirement plan! Basically, the government is paying you to contribute to your employee's retirement!
§ The Auto-Enrollment Tax Credit which forces your employees to opt out of contributions to their retirement instead of opting in, which is how it has traditionally been set up.
LINKS:
• Point X Calculator (https://www.ventotaxandwealth.com/resource-center/retirement/saving-for-retirement)
• To purchase John’s Book: https://www.ventotaxandwealth.com/buy-the-book
• You can find more information on John and his firm, Vento Tax and Wealth Management, at www.VentoTaxAndWealth.com
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