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  1. #1
    I trusted Zet and this is what happened
    Eleven owes me $40 bucks

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    Kaslo Essyx
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    Retirement Savings Plans (Work)

    So my office is looking to create a retirement program for our employees/owners. Don't really know a lot about options for these types of programs, and we have a unique business structure.

    Effectively, as a law firm that takes on some large contingency cases, we sometimes have large swatches of income from settlements that gets passed through to the partners, with some bonus to paralegals. Other than that income, we are largely a regular business where the owners have a guaranteed distribution that is similar to a salary, and regular employees are salaried. Then at the end of the year we may make a distribution of excess income to the owners.

    We are trying to figure out what type of retirement program will make the most sense for our structure.

    Additionally, I'm trying to figure out what to do with my own savings (that is sitting in checking and money market accounts) to invest it at its best potential.

    Anyone have any opinions on what we and I should do and why?

  2. #2
    The Anti Miz
    The Anti Miz of the House of Weave

    Join Date
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    Quote Originally Posted by Kaslo View Post
    So my office is looking to create a retirement program for our employees/owners. Don't really know a lot about options for these types of programs, and we have a unique business structure.

    Effectively, as a law firm that takes on some large contingency cases, we sometimes have large swatches of income from settlements that gets passed through to the partners, with some bonus to paralegals. Other than that income, we are largely a regular business where the owners have a guaranteed distribution that is similar to a salary, and regular employees are salaried. Then at the end of the year we may make a distribution of excess income to the owners.

    We are trying to figure out what type of retirement program will make the most sense for our structure.

    Additionally, I'm trying to figure out what to do with my own savings (that is sitting in checking and money market accounts) to invest it at its best potential.

    Anyone have any opinions on what we and I should do and why?
    If you like I can put you in touch with a great Financial Advisor in Oklahoma who would be far more qualified in setting up a small business retirement plan than anyone on BG. Just PM me if you are curious.

    Anyway, 401k is always good for small businesses. The owners get to stash 18k each (for now), which is generally the main reason a small business offers a 401k to begin with. Being a law firm, I imagine most of you are high earners so there should be some nice savings all around.

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