Are You Doing the Best for Your Clients?

21st Jun 2016

Smiling Financial Advisor

Could your clients be saving more?

By the time you get your hands on clients’ 2016 earnings information it’s most likely too late to recommend a qualified plan to reduce taxes. But if you could talk to your clients before December 31st, which of these solutions would you suggest?

The Opportunity:

Cathy, age 45, is a freelancer married to a high earning corporate employee.  She nets about $100,000  annually. They don’t need her income to maintain current lifestyle and would like to save as much as possible.

SOLUTION 1: SEP-IRA
Contribution to Retirement: $18,500
Current Year Tax Savings: $7,000*

SOLUTION 2: Solo 401(k)
Contribution to Retirement: $36,500
Current Year Tax Savings: $13,800*

SOLUTION 3: Defined Benefit + Solo (k)
Contribution to Retirement: $69,000
Current Year Tax Savings: $26,200

*Assumes 38% tax rate. If the client were older, she could contribute as much as 80% of her net income to the defined benefit + 401(k).

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Call 866-269-2706 or Email DBPlans@dedicated-db.com

As always, our defined benefit consultants are available to discuss your client’s situation and let you know if our plans might fit.

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