Bryan Baysinger discusses how tax-qualified plans can help grow wealth.
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-financial-professional-bryan-baysinger-discussing-tax-qualified-plans/
Tax-qualified plans are retirement plans that offer tax advantages to individuals. These plans allow individuals to contribute money to their retirement accounts before taxes are deducted from their income. One example of a tax-qualified plan is a 401k, which is a popular retirement plan that many people have a significant amount of money invested in. However, there are also other tax-qualified plans available, such as individual retirement accounts (IRAs), Roth IRAs, 457 deferred compensation plans, and 403B tax-sheltered annuity plans.
The main advantage of tax-qualified plans is that individuals can contribute pre-tax income to their retirement accounts. This means that the money is not taxed at the time of contribution, allowing individuals to save more money for retirement. For example, if someone is in a 25% tax bracket and contributes $75 to their retirement account, they effectively receive $100 in their account due to the tax savings. This is why tax-qualified plans are considered to be some of the largest retirement accounts available today.
In addition to the tax benefits, some employers also offer matching contributions to their employees’ retirement accounts. This further enhances the benefits of tax-qualified plans. For example, an employer may match a certain percentage of the employee’s contributions, such as 4% or 5%. This means that if an employee contributes 4%, the employer will match that contribution, effectively doubling the amount of money in the retirement account.
In this episode, Bryan Baysinger accentuates the importance of trusting the process and relying on the expertise of professionals in specific areas. He stresses that when it comes to financial or medical matters, it is crucial to seek out experts who specialize in those fields. Listeners are encouraged to trust the advice and recommendations given by these professionals because they possess the knowledge and experience to guide individuals in making informed decisions.
To illustrate the significance of trusting professionals, the host shares personal stories. One story revolves around his own health journey, highlighting how he had to overcome procrastination and trust the expertise of a specialized doctor to undergo a successful surgery. This anecdote serves as a reminder that trusting the process and acting on the recommendations of professionals can lead to positive outcomes.
Additionally, the episode includes a story about a financial professional who went above and beyond to prioritize their client’s best interests. This story underlines the importance of finding professionals who genuinely advocate for their clients and are willing to go the extra mile. It reinforces the idea that trusting professionals who have their client’s best interests at heart can lead to favorable outcomes.
Bryan explained: “Would it be valuable to get a second or even a third opinion when it comes to retirement planning? Most assuredly, Mike, we believe it’s very valuable so that you’ll know and be adept at what’s going on and that we can show you and help you meander and go through all these complex rules and regulations.”
About Bryan Baysinger
Bryan has been a well-known Financial Professional and Educator for the Last 36+ Years.
Bryan has developed a specialty working with Semi-Retired and Retired persons aged 50+. Hundreds have attended his classes on learning how to Shield their Life Savings (Assets) from all the negative issues out there that they are usually unaware of.
Knowledge is Power. Education is Key. Consequently, many of those who have worked for small & large companies have set aside millions of dollars. Bryan helps clients to make sure their savings last throughout their lifetime & creating a legacy if they desire for their heirs.
Recent news and interviews:
- Social Security and specialized knowledge in Retirement Planning: https://authoritypresswire.com/financial-professional-bryan-baysinger-interviewed-on-the-influential-entrepreneurs-podcast-discussion-social-security-and-specialized-knowledge-in-retirement-planning/