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One of the most popular and well-known retirement plans is the 401(k). However, if you don’t understand how to get started with your 401(k) — or how to make the most of it once you have one — then they can be confusing.
In this episode of Financial Heartbeat Podcast, Mike Klauke shares his insight about the seven things you should know before starting your 401(k).
In this episode, you will learn:
- Why you should continually review your plan contributions to help bring your taxable income down
- The role of the fiduciary when it comes to the mechanical planning in a retirement plan
- How safe harbor plans help both the business owner and the employee
- The benefits of profit sharing for both business owner and employee, and how profit sharing works
- The importance of being able to explain your retirement plan to employees in a way that they understand
- And more!
Tune in and learn how to use your 401(k) to its fullest potential!
Resources: Klauke Investments and Insurance Services