Orthotown March 2018 - 48
owner's lifestyle. For example, we are working with
a business owner for whom the actuary established a
maximum annual plan contribution of $150,000. But
because the owner is shouldering college expenses, we
decided to put in less. Having this flexibility to adjust
plan contributions from year to year to reflect lifestyle
changes is, in the long run, another huge benefit of a
cash balance plan.
Key takeaways
For practice owners looking to supercharge retirement savings, a cash balance plan can be a smart way
to go. The closer a person is to retirement, the more
important it is to maximize savings. Compared with
a 401(k) plan, a cash balance plan allows the practice
owner to sock away much more money year to year. In
addition to putting retirement savings on a fast track,
a cash balance plan also enables the practice owner to
enjoy substantial tax savings. Also, the plan assets in a
cash balance plan are protected from creditor claims by
ERISA (Employee Retirement Income Security Act).
A further benefit of a cash balance plan, in addition
to saving large chunks of money for retirement, is that the
life insurance component of the plan can be structured
to produce a stream of income that is entirely tax-free.
Maximizing retirement savings. Ensuring a predictable return. Reducing taxes. Thanks to a cash
balance plan, it all adds up to a triple win in retirement
planning that helps practice owners keep more of their
hard-earned wealth. n
Note: Investment advisory services offered through
Virtue Capital Management, LLC (VCM), a registered
investment advisor. VCM and Freedom Financial Advisors
of MD are independent of each other. Information provided
is not intended as tax or legal advice, and should not be
relied on as such. You are encouraged to seek tax or legal
advice from an independent professional.
References
1. http://www.kiplinger.com/article/retirement/T047-C000-S004-the-pros-and-consof-cash-balance-plans.html
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MARCH 2018 // orthotown.com
http://www.kiplinger.com/article/retirement/T047-C000-S004-the-pros-and-cons
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Table of Contents for the Digital Edition of Orthotown March 2018
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