Cash Balance Plans – Owner Only
Case Study
Meet Victor
Victor, a seasoned real estate agent based in Newport Beach, has built a strong reputation over the years, working with high-profile clients. Unlike many of his peers who are part of larger firms, Victor prides himself on being a solo practitioner. However, being on his own meant he needed a strategic approach to retirement planning, one that would benefit him both in the present and the future. With the insights from Premier Plan Consultants, Victor discovered the compelling advantages of owner-only 401(k) plans.
The Motivation
Victor was at a point where his business was generating more income than he needed to operate the business, and more income than he needed to maintain his lifestyle. Being in this position, it was important for him to put away as much money as possible to maximize both his available tax deductions and to save for retirement.
How It Works
The Impact
With the Cash Balance Plan, Victor took a decisive step towards securing his financial future. This powerful retirement savings vehicle’s high contribution limits accelerated his retirement savings, far surpassing those of traditional retirement accounts, while offering significant tax advantages that bolstered his financial prowess.
With his larger, tax-deferred contributions reflecting his business’s profitability and his personal commitment to a comfortable retirement, Victor’s choice of a Cash Balance Plan accelerated his progress toward a secure retirement.
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