R. Kenner French and Liliana Falconer discuss the importance of qualified plans for entrepreneurs, particularly solopreneurs, in reducing tax liabilities and saving for retirement. They explore the differences between pre-tax and post-tax contributions, the benefits of stacking various retirement plans, and the investment options available within these plans.

The discussion emphasizes the significance of planning for a comfortable retirement and the potential for significant tax savings through strategic financial planning.

Takeaways

• Qualified plans can help entrepreneurs lower their taxes.

• You can still lower your taxes even after the year has ended.

• Pre-tax contributions reduce your taxable income for the year.

• Post-tax contributions allow for tax-free withdrawals in retirement.

• Stacking multiple retirement plans can maximize savings.

• Investment options in retirement plans are broader than many realize.

• You can control your investments in self-directed plans.

• Planning for retirement is essential for financial freedom.

• Understanding tax implications is crucial for effective planning.

• Consulting with a financial advisor can help tailor strategies.

Sound Bites

• It can be so powerful.

• You are saving for your future.

• You can reduce your tax liability.

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