Accelerated Savings

It’s not uncommon for very successful professionals and business owners to not have saved as much as they would have liked for retirement in their earlier years due to a host of life factors, student loans, mortgage payments, college tuitions etc. By the time they’re in a position to really begin saving for their retirement they are faced with IRS limitations that make it virtually impossible for them to save as much as they would like and or need too in order to maintain their current standard of living in retirement. We oftentimes hear from our very successful professional and business owner clients that they would like to put away more money for retirement on a pre-tax basis. But are limited by the IRS caps of $18,000 or $24,000 (if you’re over 50) into a 401(k) & a combined $53,000 or $59,000 (if you’re over 50) when the 401(k) is coupled with a profit sharing plan.

What if you could do much more?

Here are two simple examples of combining a Cash Balance Plan with an existing 401(k)/Profit Sharing Plan

Consider a 45 year old attorney could contribute a total of $153,000 to his or her retirement plan.*

Consider a 55 year old CPA could contribute a total of $254,000 to his or her retirement plan*

*The actual contribution is dependent on IRS compliance testing

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