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:
- Independent contractors, consultants, physicians, real estate agents, and sales reps
- Employed individuals who also receive self-employment income from a side business, royalties, residuals
- Owner-only or owner and spouse or family businesses
- Self-employed spouses of high-income earners
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.
See how much you could contribute to retirement wealth and save in taxes for 2023.
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The OwnersPlus Cash Balance Program gives me an extra $200,000 to invest and gives my employees a boost too.
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We increased our W-2 income to max out our retirement savings. With a OnePersonPlus defined benefit and a 401(k), we’ll add $500,000 each year for the next 5 years.
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As a realtor, my income is never the same from year to year. With a OnePerson (k), I save about $50,000 in good years. I don’t have to do anything when business is slow.
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We’re four partners with vastly different needs – our Cash Balance plan is customized to fit us.
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I’m a sole proprietor with high taxable income. My defined benefit plan will help me qualify for the new 20% deduction on pass-through income.
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