Defined Benefit or Cash Balance retirement plans can potentially reduce taxable income by $100,000 or more while adding $1-2 million to retirement savings. With Dedicated DB’s quick setup process, you can lock in 2020 tax savings & build retirement wealth by setting up a high-contribution retirement plan.
Anesthesiologist Triples Retirement Savings
An anesthesiologist, age 59, who was working as part of a group of 15 other anesthesiologists at a medical center in California, decided to become an independent physician for one reason: to make up for lost time in saving for retirement.
Under the company’s 401(k) plan, the anesthesiologist was limited to $59,000 in retirement plan savings last year no matter how much she earned. The physician, who is now an independent contractor, opened a…(Continue reading).