Our TPA firm, Plan Design Consultants, Inc. can work with you to get illustrations for your client based upon their specific circumstances and objectives. In all likelihood, a Cash Balance Plan could be utilized to provide more in tax shelter for 2014. We are here to help.
Sunday, August 17, 2014
Your Successful Professional Clients May Want More Tax Deferred Retirement Savings
Many "Professionals" (surgeons, attorneys, accountants, engineers, successful business owners) would like to put away more than the $57,500 that is allowed when using a 401(k) Plan. A Cash Balance 401(k) Combo might allow them to shelter an additional $100,000 to $200,000 per partner or owner without increasing the cost for employees by a large percentage. Think of the employee cost not being worse that 7.5% of compensation plus about $1,000 - and it could be quite a bit less in the right circumstances. Many of these types of firms may already spend that much on contributions for employees in their 401(k) plan, so there may be no increase in costs.
Our TPA firm, Plan Design Consultants, Inc. can work with you to get illustrations for your client based upon their specific circumstances and objectives. In all likelihood, a Cash Balance Plan could be utilized to provide more in tax shelter for 2014. We are here to help.
Our TPA firm, Plan Design Consultants, Inc. can work with you to get illustrations for your client based upon their specific circumstances and objectives. In all likelihood, a Cash Balance Plan could be utilized to provide more in tax shelter for 2014. We are here to help.
