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://qualifiedplanadvisors.com/
https://everydollarcounts.libsyn.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