Cash Balance plans can be powerful planning tools for both young and older, owner-only businesses.
Typically, an owner-only business includes owners, partners, and spouses. Without non-highly compensated employees, the need for nondiscrimination testing is eliminated completely.
A profitable business such as shown in this illustration, offers a married couple the combined ability to contribute over $400,000 towards retirement and achieve a tax savings of over $180,000.
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Retirement Plan Illustration – 2021
*This illustration shows only the cost to the group.
Staff employees and others pay for their own 401(k) contributions.