ONE OF THE MOST IMPORTANT OBJECTIVES FOR A BUSINESS OWNER IS PLANNING FOR A COMFORTABLE RETIREMENT
While you’ve been busy building and growing your business, have you thought about what you want your life to look like 20, 30, or even 40 years from now? Whether you prescribe to the belief that “If I’m healthy and having fun, why not continue to work at something I love,” or you see a retirement date in your future, it’s likely you face numerous challenges. In addition to higher regulatory burdens and higher tax rates, restrictive rules on owner retirement contributions to qualified plans have made it difficult for the owner to effectively save for his or her own retirement.
We may have a solution for you. What if you, as a business owner, could supplement your current qualified plan—401(k), SIMPLE, or SEP—with a special type of qualified plan that allows higher yearly contributions?
Depending on your situation, you may be able to save between $50,000–250,000 per year on a pre-tax basis, potentially resulting in significant annual tax savings.
The Micro Defined Benefit Plan is an ideal way for a successful business owner to reduce current income taxes and supercharge their own retirement plan.
Gaughan Capital Management specializes in the design and implementation of this special type of qualified retirement plan and other tax-favorable strategies to help the small business owner accumulate and preserve wealth. If you would like to explore if a Micro Defined Benefit plan will work for you, please contact us.