How small business owners can use Cash Balance plans as a Defined Benefit retirement option

February 13, 2020 •

Download the episode on Spotify here / Apple here / YouTube here. 

Josh & Jay welcome Will Steih, Managing Director or Prime Capital Investment Advisor’s Tennessee office, to the studio for Chapter 3 of 5 in our Business Owner Strategies & Solutions (B.O.S.S). Series, a discussion about Defined Benefit & Cash Balance Plans. We discuss why a business owner would consider a Defined Benefit Plan and how a business owner with a fully funded 401k can layer a Cash Balance Plan on top to provide additional future retirement income. We also discuss how a Defined Benefit / Cash Balance Plan affects a business owner’s overall tax strategy & tax efficiency.

Key Takeaways:

  • There has been a resurgence in Defined Benefit Plans in businesses with up to 50 employees
  • Defined Benefit Plans tend to appeal to business owners with an appetite for additional savings above their 401k contributions
  • A Defined Benefit Plan can be used to fund retirement income needs above qualified plan contribution limits
  • A Defined Benefit Plan is generally set up to be more conservative than a typical qualified retirement plan

Show Links: 

https://v0y.3de.mytemp.website/ 

https://v0y.3de.mytemp.website/401k-forum

https://pciawealth.com/ 

https://qualifiedplanadvisors.com/ 

https://fitrusts.com/ 

https://everydollarcounts.libsyn.com/ 

http://jaystubbs.com/

https://www.firstprotective.com/

https://www.deepfriedstudios.com/

https://www.slothracerband.com/  

Resources:

Gulf Coast Financial Advisors

Prime Capital Investment Advisors 

Qualified Plan Advisors 

Financial Fitness for Life

First Protective 

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Gulf Coast Financial Advisors, LLC ("GCFA") is a registered investment adviser offering advisory services in the State of Alabama and in such other jurisdictions where it is registered, filed the required notices, or is otherwise excluded or exempted from such registration and/or notice filing requirements. Registration does not indicate or imply that GCFA has attained a particular level of skill or ability nor does it constitute an endorsement of the firm by the Securities and Exchange Commission (SEC) or any state securities regulator.