I opened a OnePersonPlus Defined Benefit plan and put away $150,000 last year and another $120,000 this year and it’s all a deduction. I figure at least 30% of it is a gift from the IRS.
Defined Benefit plans for high income self-employed individuals, professionals, and small business owners can provide dramatic current year tax savings. Large, tax-deductible contributions to a personal Defined Benefit (DB) retirement plan can increase retirement savings by $1-2.6 million in 5-10 years.
Defined Benefit pension plans are approved by the IRS and work best for:
An individual’s maximum contribution for a defined benefit pension plan is calculated based on age, income and years in the business. In general, the older the business owner is, the higher the contribution.
"Great deal. Every small business owner should have one."
EngineerLombard, IL
“Very knowledgeable, competent, timely in communications and easy to work with.”
Physician (Orthopedic Practice)Tulsa, OK
“Great service and process. Clear instructions.”
ConsultantCoral Gables, FL