Client of the Week

This Week

Missed the Boat in 2016?

Todd, age 52 and a Financial Advisor in Virginia had a good earnings year in 2016 but had already contributed to his existing Solo 401(k) when he learned about our OnePersonPlus® Defined Benefit plan (DB). Although he had earned over $400k, he had maxed out his contribution at $59,000. In January, he came back and said, “I’m ready! Let’s get the DB going.” We opened it right away so that he could start making his contributions for 2017. He will be contributing $125,600 to the DB and another $40,200 to the solo 401(k) for a total contribution of $165,800 – almost 3 times what he could contribute to the 401(k) alone — and he estimated his current year tax savings would be approximately $64,000.

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