Retirement planning guru Chuck Omphalius spreads the word to old — and young — with ‘930 Plan’ podcast

Chuck Omphalius, owner of Max It Out Retirement in Fishkill, is now the host of a new podcast available through iHeartRadio, “The 930 Plan.”

“Designed to educate the masses on taxes and finances,” according to the Max It Out website, the podcast is centered around Omphalius’ alternative retirement savings strategy the 930 Plan, which features a combination of aspects of the 401(k) and 529 plans. Omphalius believes they each are antiquated, but valuable when certain features are looked at together.

Overall, Omphalius hopes to bring the unconventional savings method that his firm offers to new audiences, helping people to think more outside of the box in an effort to maximize their savings, and even introducing young people and those who are unfamiliar with such savings accounts to an accessible educational resource surrounding deferred savings plans.

This interview has been edited for length and clarity.

What does your firm Max It Out Retirement specialize in?

Our specialty is tax-efficient retirement planning. In today”™s environment of rising taxes, we believe it”™s the single biggest risk/unknown that Americans will face in the future. We want to change the way you save. Max it Out Retirement serves middle-class individuals and families within eight years of their planned retirement date. That is one reason we launched “The 930 Plan,” to introduce similar concepts to a younger demographic and helps us reach a broader audience with our message.

What is the biggest change that your clients make when they come to Max It Out?

They focus on saving more in a tax-advantaged strategy. We believe that safety and tax efficiency will prove a smarter strategy than volatile deferred tax savings strategies, like a standard 401(k).

Why did you choose to start the podcast?

To educate younger individuals and families who are getting started with planning. It”™s our belief that they want to digest information on their own terms, and the podcast allows them to digest education at their pace. Same tax ideas, but applied towards helping a younger demographic. It is our belief that giving a younger consumer the ability to educate themselves at their own pace is paramount to reaching the demographic. Twenty- to 30-minute podcasts let the consumer digest it on the terms they choose.

Why do you think it’s so important to target a younger demographic for this type of information? 

Because rising inflation and a looming rise in taxes, both due to out-of-control federal debt, is a threat. Simply put, deferred compensation above any employer match is outdated, inefficient and should be addressed.

What are the topics you will discuss on the show and what will other experts  contribute to it? 

I appear on the Q92 “Annie in the Morning with Ryan” morning show once a month. The podcast follows the theme. We air a replay of the radio interview as the first episode of each four-part series and follow with an “In the News” episode and a case study of an existing plan, and complete the series with a “Myths and Misconceptions” episode. We discuss tax changes, federal debt, life events that prompt the need for financial planning and more. Yes, I do bring other experts on from time to time. Accountants, legal experts and other planners will be among the contributors.

How have retirement savings plans or the needs of an average person planning for their retirement changed in the last few decades? How do your firm and the podcast address that?

The problem is they haven”™t changed enough. The laws and rules have, particularly tax changes. The planning we do addresses those changes and helps change the way our clients save by utilizing U.S. Tax Code 7702A and Roth IRA strategies to invest with post-tax dollars in a tax-free environment.

What are the biggest challenges currently in the realm of savings plans?

Taxes and inflation. Simply put, if you”™re only paying attention to gains and losses and not considering future tax hikes and increases in cost of living, you”™re setting yourself up for failure.

Briefly, what is the best advice you could give to someone who wants to start planning for their retirement if they haven”™t done so yet, or to someone who wants to change their savings strategy?

Education. Take an active involvement in not just saving but understanding that when you do retire the landscape will have changed. Our federal debt is growing out of control and the bills will need to be paid in the future. If you”™re not planning in a tax-efficient manner, it”™s your retirement that will pay those bills.

“The 930 Plan” podcast is available here.