Uncle Sam, 401 K, Fifty Four Thousand Dollars discussed on John Gibson

Automatic TRANSCRIPT

That we must attend to with that eight seventy five no no earlier government are gone well saving over the year okay could all right well i think that i think that the best so again we got to wait for find out what the tax changes are going to be and then it's really about the only way to to sidestep taxation at that point would be to put in a retirement plan and essentially that's going to either be a set fire a a a uni 401 k or 401 k with a profitsharing plan or it's going me something bigger like this defined benefit plan that you would again have to put in place not just for you but also for that fulltime employees so they might be a nice thing to do all said i like hey you know what you worked for me for this 13 years let me let me show you my appreciation by throwing some money at you and and you know you'll do it with a little bit of how chronicle sow sure look there's uncle sam calling right now thanks for calling credit luck early rubber art take care byebye all right i like that idea i like a retirement plan and so good for those of you who don't have all that much money again that the sex i raise the one is one of those plans that is actually quite flexible and again you get for this year for 2017 you can put twenty five percent of any income earned up to join good seventy thousand dollars its limited to fifty four thousand dollars that's that's the probably the big number that might be interesting but that defined benefit oh my gosh so good it really is it's the only way that i've seen that by again this only works for very small businesses because otherwise you have to.

Coming up next