WHAT A YEAR!
At Dedicated DB, 2019 was a record-breaking year for our Defined Benefit and Cash Balance plans. Inquiries for these high-contribution retirement plans increased by over 70% year over year. The reason is simple. These plans potentially offer the highest allowable contribution to a qualified plan – up to $200,000 or more annually for small business owners like doctors, lawyers, mom & pops, and consultants.
These plans are the most tax-advantaged programs approved by the IRS, yet many clients may not know they exist. With that in mind, here is the biggest mistake that we saw in 2019…