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!

Resources:
“The Lawyer Millionaire” by Darren Wurz
“The Lawyer Millionaire Podcast”

Connect with Christine:
Christine Luken, Financial Dignity® Coach
LinkedIn: 7 Pillars, LLC
LinkedIn: Christine Luken
Instagram: Christine Luken
Facebook: Christine Luken
Email: Hello@ChristineLuken.com

Connect with Darren Wurz:
The Lawyer Millionaire
LinkedIn: Darren Wurz

About our Guest:

Darren Wurz specializes in financial planning for law firm owners. He is a Certified Financial Planner® Professional with an M.S. in Financial Planning from Golden Gate University. As a fiduciary and fee-only advisor, he has developed expertise in the unique financial planning needs of those in the legal profession, and he now specializes in serving attorneys and law firm owners across the country. His mission is to help his clients achieve financial independence as they define it. As a small business owner himself, he is deeply familiar with the challenges of solo practitioners and small firm owners.

He is the host of The Lawyer Millionaire Podcast, available wherever you get your podcasts, and author of The Lawyer Millionaire: The Complete Guide for Attorneys on Maximizing Wealth, Minimizing Taxes, and Retiring with Confidence, published by the American Bar Association. Darren is a member of the American Bar Association and the Financial Planning Association. Locally, he is a member of the Cincinnati Bar Association, the Northern Kentucky Bar Association, and the Covington Business Council. His office is located in Cincinnati, OH, and he was born and raised in Toledo, OH.

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Retirement Options for Entrepreneurs with Darren Wurz (Ep. 26)

Retirement is a topic that often gets overlooked by entrepreneurs who are busy building their businesses. With so much focus on the present and the future growth of their companies, it’s easy to put retirement planning on the backburner. However, it is crucial for entrepreneurs to start thinking about their retirement options early on in their careers in order to set themselves up for a secure and fulfilling future.

In a recent podcast episode, Darren Wurz, a financial advisor and retirement planning expert, shared his insights on retirement options for entrepreneurs. Wurz emphasized the importance of starting early and being proactive when it comes to planning for retirement.

One of the key retirement options for entrepreneurs that Wurz highlighted is the individual retirement account (IRA). This is a tax-advantaged savings account that allows individuals to set aside money for retirement. There are different types of IRAs, including traditional IRAs and Roth IRAs, each with its own set of rules and benefits. Wurz explained that entrepreneurs can benefit from having an IRA as it provides them with a way to save for retirement without relying solely on their business for income.

In addition to IRAs, Wurz also discussed the benefits of setting up a Solo 401(k) plan. This is a retirement savings plan designed for self-employed individuals or business owners with no employees other than a spouse. According to Wurz, a Solo 401(k) plan offers higher contribution limits compared to traditional IRAs, making it an attractive option for entrepreneurs looking to maximize their retirement savings.

Another retirement option that Wurz mentioned is a SEP-IRA, which stands for Simplified Employee Pension Individual Retirement Arrangement. This type of retirement plan allows entrepreneurs to make tax-deductible contributions to their retirement savings, providing them with a flexible and straightforward way to save for retirement while also benefiting from potential tax savings.

Wurz also stressed the importance of diversifying retirement savings beyond just the business itself. While many entrepreneurs invest a significant amount of their time and resources into growing their business, it’s essential to have a separate retirement plan in place to ensure financial security in the future. By diversifying their retirement savings, entrepreneurs can better protect themselves against market fluctuations and unforeseen circumstances.

Overall, the key takeaway from Wurz’s insights on retirement options for entrepreneurs is the importance of early and proactive planning. By taking the time to explore different retirement options and setting up a comprehensive retirement plan, entrepreneurs can secure their financial future and enjoy a comfortable retirement.

In conclusion, retirement planning is a crucial aspect of financial management for entrepreneurs. By considering various retirement options, such as IRAs, Solo 401(k) plans, and SEP-IRAs, entrepreneurs can take proactive steps to secure their financial future and enjoy a fulfilling retirement. Darren Wurz’s expertise and insights serve as a valuable guide for entrepreneurs looking to navigate the complexities of retirement planning and set themselves up for long-term financial success.