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Advantages of High-Contribution Retirement Plans for Women
1
HIGHEST CONTRIBUTIONS:
Defined Benefit and Cash Balance plans allow the highest annual contributions to retirement plans, often exceeding $150,000 annually for the small business owner.
Defined Benefit and Cash Balance plans allow the highest annual contributions to retirement plans, often exceeding $150,000 annually for the small business owner.
2
ACCELERATED SAVINGS:
These qualified plans allow you to put away money at an accelerated rate typically for 5-10 years – potentially turbo-charging your retirement savings so you can retire earlier.
These qualified plans allow you to put away money at an accelerated rate typically for 5-10 years – potentially turbo-charging your retirement savings so you can retire earlier.
3
TRIPLE COMPOUND BENEFIT:
A large contribution means a large tax deduction, which may lower income to qualify the taxpayer for the Section 199A 20% pass-through deduction.
A large contribution means a large tax deduction, which may lower income to qualify the taxpayer for the Section 199A 20% pass-through deduction.
Joanne, age 56, is a professor at a university and plans to retire in 6 years. She contributes to her 403(b) plan. Her side income from consulting is an additional $150,000 each year (after paying self-employment taxes).
Solution:
A Defined Benefit plan based on side income
Dr. Mary Johnson has an Internal Medicine practice with 4 employees. She pays herself $280,000 in W-2 and wants to maximize her own tax savings, while controlling the cost of employee benefits.
Solution:
OwnersPlus Cash Balance Plan + Safe Harbor 401(k) Profit Sharing Plan
Susan, age 56, has $200,000 in sole proprietor income for the past several years from Board of Director fees and speeches (after paying self-employment taxes) and plans to roll off the Board at age 62.
Solution:
A Defined Benefit plan for six years
Advisors and CPAs:
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Ask us any questions or talk to us and we can help you design a Defined Benefit or Cash Balance retirement plan to fit your needs. Contact us at 866.269.2706 or DBPlans@dedicated-db.com. We are here to help.