We know that recent media coverage about the economy can scare some clients – and even make them want to put their retirement plans on hold. This comes at a time when tax reform has made high-earning clients even more concerned about their tax returns. In such a stormy climate, we recommend Defined Benefit and Cash Balance retirement plans for your clients in weatherproof occupations. These include professions like doctors, dentists, lawyers, farmers and engineers.
The 3 key benefits of Defined Benefit plans for high-income professionals, who are typically owner-only, owner + spouse or family business, include:
- They potentially allow the highest tax-deductible contributions – averaging $100,000+ each year.
- They can provide tens of thousands of dollars in tax savings for 2019.
- They can help clients build wealth for the future — regardless of the economy or time of year.