A High-Impact Retirement Plan with Tremendous Tax-Saving Benefits
A Defined Benefit (DB) plan is an IRS-approved qualified retirement plan that can enable self-employed professionals and small business owners with high incomes to substantially cut their tax bills. Defined Benefit plans are similar to large company pension plans, but they can also be established for self-employed professionals and business owners with fewer than 10 employees. IRS rules allow DB plan owners to make very large tax-deductible contributions each year--much more than permitted for IRAs or 401(k)s--thereby potentially saving DB plan owners tens of thousands of dollars in taxes each year.
Over the life of a Defined Benefit plan, a plan owner can potentially cut hundreds of thousands of dollars from his or her tax bill while rapidly and tax-efficiently building a multi-million dollar nest egg.
Read how Defined Benefit plans can enable self-employed professionals to save tens of thousands of dollars in tax each year.
How it Works
Ready to save on your taxes? We will walk you step by step through the process. Find out how to get started here.
We craft custom retirement plan solutions to maximize clients' tax savings while rapidly building their retirement wealth.
Advantages of a Defined Benefit Plan
- Large Contributions: Highest allowable tax-deductible contributions to a qualified plan - $100,000 or more
- Huge Tax Savings: Annual tax savings of $40,000 or more
- Rapid Wealth Creation: Assets grow tax-deferred, building wealth faster
- Small Business Friendly: Can be used in businesses with 10 or fewer employees
- Easy Rollover: Tax-free rollover to an IRA at retirement (or at plan termination)
- Simple Set-up: We walk you through the process from start to finish
- Flexible: We work with you to develop an investment strategy suitable for your circumstances
Self-Employed Professionals And Business Owners Are Uniquely Suited To Open Defined Benefit Plans
Defined Benefit (DB) plans are not as widely understood as IRAs or 401(k)s, perhaps because they are accessible only to a select group of individuals who are in the right circumstances. Self-employed professionals and small business owners are often good candidates to take advantage of the benefits DB plans offer because they typically:
- Earn a high income
- Pay a very high tax rate on their income
- Have few expenses with little to no overhead . . . and therefore few available tax deductions