Client of the Week

Government Official Switches Classification & Retirement Plan

An ex-government official, aged 62, changed his job to work as a consultant for the intelligence agency. As a consultant, he earned $1.5 million as 1099 income and aimed to save on taxes while building his retirement. To achieve this, he opted for a Defined Benefit and 401(k) combination plan, putting $282,800 into the plan and $49,800 into the 401(k). The consultant’s estimated accumulation is expected to exceed $1.9 million, and he will save $123,000 on taxes this year.

Estimate contribution and deduction with our DB calculator Try it now

Call: 866-269-2706