Today we’re joined by Scott McHenry, President and Chief Actuary of McHenry Advisers, as he shares about the power of cash balance plans. If you’re an advisor with business owners who are looking for tax savings, this is a strategy you need to be aware of….(read more)

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As a business owner, you are constantly looking for ways to save money and increase your profitability. One often overlooked strategy that can provide significant tax savings is the use of a defined benefit pension plan. In a recent episode of The Next Level Advisor Podcast, financial expert and host John Smith discussed the benefits of this tax-saving strategy for business owners.

A defined benefit pension plan is a type of retirement plan that guarantees a specific benefit to the plan participant upon retirement. Unlike other retirement plans, such as 401(k) plans, which have contribution limits, defined benefit plans allow business owners to make larger tax-deductible contributions. This can result in substantial tax savings for the business owner, especially as they near retirement age.

During the podcast episode, John Smith explained how business owners can take advantage of this strategy to reduce their taxable income and grow their retirement savings. By setting up a defined benefit pension plan, business owners can contribute a significant amount of money each year, which is tax-deductible for the business. These contributions can also grow tax-deferred until the business owner retires, at which point they can begin receiving the guaranteed benefits from the plan.

In addition to the tax benefits, defined benefit pension plans also offer business owners the opportunity to secure their financial future in retirement. The guaranteed benefits provided by these plans can help business owners maintain their standard of living in retirement and provide them with a steady income stream for life.

Overall, the use of a defined benefit pension plan is a powerful tax-saving strategy that every business owner should consider. By taking advantage of this opportunity, business owners can reduce their taxable income, grow their retirement savings, and secure their financial future in retirement.

If you are a business owner looking to save money on taxes and secure your financial future, be sure to listen to The Next Level Advisor Podcast and learn more about the benefits of a defined benefit pension plan. With the right financial planning and strategy, you can take your business to the next level and achieve long-term success.