Navigating Retirement Plans: Avoiding Costly Financial Pitfalls

In this episode of Therapy for Your Money, host Julie Herres dives into the complexities of retirement plans, focusing on the pitfalls of cash balance plans and the benefits of simpler options like 401ks and IRAs. Triggered by a recent client experience, Julie passionately argues against high-fee plans pushed by financial planners who are more interested in commissions than client welfare. She offers actionable advice, including three critical questions to ask your financial planner, and highlights the importance of choosing low-cost, high-value options like Gusto's integrated 401k plans. As Julie puts it, 'If anyone tries to force you into a cash balance plan, you need to run away. Do not walk, run.'

Three Questions to Ask Your Financial Planner

Episode Highlights

• 00:00 Introduction to Therapy for Your Money
• 00:47 A Rant on Cash Balance Plans
• 01:41 Understanding Retirement Plan Options
• 04:02 Questions to Ask Your Financial Planner
• 06:24 The Pitfalls of Cash Balance Plans
• 08:20 Simple and Effective Retirement Solutions
• 12:13 Client Success Story
• 13:42 Conclusion and Resources

Links and Resources

• Gusto: https://gusto.com/r/julie4343
• Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
• GreenOak Accounting - www.GreenOakAccounting.com
• Therapy For Your Money Podcast - www.TherapyForYourMoney.com
• Profit First for Therapists - www.ProfitFirstForTherapists.com
• Profit First Academy - www.ProfitFirstForTherapists.com/Academy 
• Podcast Production and Show Notes by Course Creation Studio