What Are Some Advanced Retirement Plan Options For High-Income Earners?

Feb 22, 2021

Are you a high income earner that is looking to take retirement plan a big step further? If so, this may be something you want to look into. I would highly recommend as a high income earner that you schedule a consult with us before making any decisions so we can ensure you have the right tax planning in place to match any plan decisions.

For this we want you to imagine a three tiered wedding cake with the smallest tiers on top and the largest on the bottom and then flip it upside down. These are the different layers you have when you are talking about pre-tax options in a 401k plan.

  • Smallest Option: 401k Plan Itself (EmployEE Contributions) – Up to $19,500
  • Middle Option: Profit Sharing (Employer Match) – Up to $58,000
  • Advanced Option: Cash Balance Plan (Type of defined benefit plan or pension plan) – $300k+ per year pre-tax.

What Is A Cash Balance Plan?

Cash Balance Plans are designed for the highly successful entrepreneur who want, or need, to save a lot more than a traditional 401(k) plan.

  • Work best with solo-preneurs or employers with small teams.
  • Allow you to contribute up to $300k+ pre-tax while saving you over 6-digits in taxes.
  • Basically you are layering a cash balance plan on top of a 401(k) plan & profit sharing.
  • Allows you to also recruit top candidates.
  • Every single plan is different with a fully custom design and flexibility.

If you are looking for professional advice and help in this area, we work directly with Life, Inc Retirement Services. Visit this page to get connected!. 

On the link above you can setup a call to connect with an expert and get started right away. There is also a retirement plan evaluator which will guide you towards the best plan for your business.

The Time Is NOW To Start Paying Less In Taxes. Join TaxElm and start eliminating taxes and growing your wealth!

What you'll get:

  • Tax Savings Blueprint and Training: We’ll provide you with a customized tax plan that is tailored to meet your specific needs and goals. Along with that, you have access to our library of training modules, implementation guides, supporting documents, and more.
  • Unlimited Access to Tax Experts: Got a specific question about a tax strategy? You’ll have access to our team of tax experts to get the accounting and tax answers you need.
  • Annual 1-on-1 Live Consultation: Once a year you get a live meeting with a tax expert to discuss anything tax savings you would like. This is your time to get your questions answered live 1-on-1.
  • Annual Bookkeeping Analysis: Annually you will submit your financials to our team of accountants and we will put together a high level business financials overview report custom to your business.
  • Monthly Group Webinar and Training: Every month, we host a live, virtual training session on a key tax topic. Join us live and bring your questions or view the recording on your own schedule.
  • Partner Directory and Discounts: You get exclusive, members-only rates and access to our expert referral network for accounting, bookkeeping, tax preparation, payroll, financial planning, legal, retirement planning, tax resolution, and more!

It is like having a tax strategist walking with you along this entrepreneurial journey!

Join TaxElm Today!

Stay connected with news and updates!

Join our mailing list to receive the latest news and updates from our team.
Don't worry, your information will not be shared.

We hate SPAM. We will never sell your information, for any reason.