Right on the Money host, Dennis Mattern, discusses a retirement income strategy for small business owners with Tommy Mai, president of Tommy Mai Financial, located in Westminster, California.
Tommy Mai Financial works with small business owners on 401(k)s, specializing in plans for doctors, lawyers and dentists, those who really need help in terms of reducing annual taxes. This is an opportunity for high income business owners to put money aside for themselves, but also take care of their employees.
“With the defined benefit plan, basically the employers are defining the benefits for the employee by the time those employees retire,” Mai explains. “If the employees feel taken care of, then they are going to stay and be a good employee.”
For Tommy Mai Financial, the process for creating retirement income plans for small business owners begins with a group of actuaries, a pension consulting business who is in-house. Once the client provides the information, Mai brings that information to the pension-consulting company, they run a feasibility report, calculate how much money, deduction and benefit to receive if the client establishes a plan.
This thorough process furthers Mai’s philosophy of taking care of their clients first. At Tommy Mai Financial, they make sure that the pieces of the retirement puzzle fit together accordingly and work for the client and their benefit.
Some common problems that Tommy Mai Financial sees with small business owner retirement income planning is they have trouble with tax planning. Mai is able to create a tax plan that works for the client, and implement it all year round, instead of just once or twice a year.
Know every aspect of your retirement income plan. Learn more about small business retirement planning with Tommy Mai at Tommy Mai Financial and how he could help you with your overall retirement income strategy.
Respond and learn how insurance and annuities can positively impact your retirement. This material has been provided by a licensed insurance professional for informational and educational purposes only and is not endorsed or affiliated with the Social Security Administration or any government agency. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.
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