Women in Business Dedicated DB

Women in Business

Women face unique opportunities and challenges

More women than ever are working toward building successful careers, a goal that is often met with obstacles because of the unique challenges they face: family, professional acceptance and gender bias. These challenges are very familiar to us because a woman founded Dedicated Defined Benefit Services from her home and built it up to what it is today. Since many women don’t focus on retirement planning until later, high contribution retirement plans can help them catch-up and accelerate their retirement savings.

Learn More

Resources to Stay on Top of Your Game

Stay on top of industry trends by checking out our resources and news on women in business. This section will be updated frequently so be sure to visit often.

Defined Benefit Plans for High-Income, Self-employed Women

Defined Benefit and Cash Balance retirement plans allow women who are high-earning professionals, small business owners and those with self-employment income to make large tax-deductible contributions to their retirement each year. Are you an independent contractor? An online entrepreneur? A locum tenens physician? All these occupations may be eligible for a high contribution retirement plan, which is great option for people who want to save for retirement quickly and reduce taxes.
See how much you can save

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.
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.
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.
  • 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

    MORE CLIENT PROFILES

  • 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

    MORE CLIENT PROFILES

  • 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

    MORE CLIENT PROFILES

Contact Us for ALWAYS AVAILABLE Consulting

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.

 

Estimate contribution and deduction with our DB calculator Try it now

Send this to a friend