Ep. 136 - Retirement Benefits Every Small Business Can Provide with Pete Walkey
Most, if not all, employees want retirement benefits and I know most employers want to provide them. But many small business owners don’t think they can afford to provide them. So we sought out financial and retirement plan expert Pete Walkey, who dispels the myth that small businesses can’t afford to provide retirement benefits.
You will find that you can and there are no-cost to low-cost options to provide this benefit that will help you attract and retain great talent. And these days, finding good employees are hard to find. So the more benefits you can provide, the greater value you are to employees.
Plus, we talk about the concept of “practicing retirement.” Why wait till retirement to enjoy life when you can and should do it now?
Website: https://www.orangecoaching.info/
Connect with Pete call or text: 317-727-5518 or email: pwalkey@sfg-in.com.
Key Questions:
Many small businesses feel they can’t afford benefits like retirement plans. In California, you’re being forced to offer it one way or the other. What are some different levels of retirement benefits that a small business can offer?
How much would it cost the business?
How does it affect the way you attract and retain talent?
In a previous discussion you mentioned “practice retirement” Please elaborate on this.
Setting up a group IRA is free
Setting up a Simple IRA is low cost
Setting up a 401k is a few thousand dollars
There are various ways you can set up a matching 401k that doesn’t have to break the bank
Set a vision and plan for your retirement and you could reach those goals beforehand
Start pulling money out of the business now
Biography
Pete grew up in South Bend, graduated from Manchester College, and has lived in Indy since 1993. He played baseball in college, completed several marathons and triathlons, and even played old-man baseball a few years ago. He loves listening to live music and traveling to new and exciting places. He is most proud of his three daughters Kaylee, Ellie and Kylie, his significant other Tara, and their two dogs Paisley and Miley.
For the past 30 years, Pete Walkey has been an entrepreneur, author and financial advisor to companies and business owners. He was mentored by Mark Victor Hansen, co-author of the Chicken Soup for the Soul series, and has written several books, including Help Me With Money, and The Lighthouse Leadership Principle.
We specialize in 401(k) plans between $2-$20 million in plan assets, and have been very successful with people who are frustrated with their current 401(k) advisor or plan provider, plans that are out of compliance, and plans that have been with their advisor or plan provider 3+ years.
We've successfully negotiated client fees with plan providers, and typically pay for our services by reducing current plan expenses. We've solved service issues within days of being hired. We've also been able to help clients attract and retain top talent by adding personal financial planning to their 401(k) plans.
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