Financial Advisor Magazine:
December 21, 2011
High-Income Clients Save More With These Underutilized Retirement Plans
"From a short-term standpoint, there's absolutely nothing that can equal this for me or anyone older with excess income and big taxes," says Pearson, 66, who's been watching other people's retirement money since the early 1970s. "Every $1 saved is like earning 35% on an investment."
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Kiplinger's Retirement Report:
August 2011
A Pension Plan for the Self-Employed
If you're self-employed, your retirement choices are not restricted to IRAs, individual 401(k)s and other defined-contribution plans. Free agents can establish traditionals defined benefit pension pland — the kind of retirement plans that are a dying breed among large companies. The annual tax-deductible contributions you can make are much larger than the $54,000 maximum allowed with the most generous defined-contribution plan.
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February 1, 2011
Retro Pension: Defined-benefit plans for small businesses can help owners catch up on savings
When Bob Bove was 46, he and his wife had saved only $50,000, As a successful sales manager, retirement savings just hadn't been on his mind.
Then Bove launched a second career as a financial planner and did so well that in 2008, he was able to open a defined-benefit plan. Now 55, he has $70 million in assets under management, and he is stashing more than $65,000 into his pension each year. "I'm playing catch up," he says. "Most successful financial advisors could probably afford a pension plan, and it's a wonderful tax-savings tool."
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The Wall Street Journal:
June 14, 2010
How the New Wealth Taxes Will Hit You
Reconsider a defined-benefit pension if you're eligible -- say, you're in a small business or have consulting income, says Mark Nash of PricewaterhouseCoopers. Pension payouts don't count as investment income, and the older a taxpayer is, the more he can contribute.
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SmartMoney Magazine:
Monday, September 22, 2008
Six years ago, retirement seemed almost out of reach for Bob and Susan Hansen. Although Bob earned a healthy salary
as an aerospace executive, the couple's nest egg barely cracked six figures. Their solution: In 2005, Bob launched a small
consulting firm that advised small aerospace firms on mergers. And he gave the firm a defined-benefit plan — the sort of
old-school pension associated with the good old days of corporate America. Soon he and Susan were setting aside nearly
all their business income, as much as $200,000 annually, in tax-deferred retirement accounts. They've relocated to a
sprawling ranch in Montana, and in a year or so, Bob hopes to be fully retired. "It just all fit together for us," Bob says, "like
a jigsaw puzzle."
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Fortune Small Business:
Wednesday, February 20, 2008
Like many successful business owners, Bob Johnson, founder and CEO of Johnson Insurance & Financial in McKinney, Texas, was hungry for juicy tax breaks. He found some - more than $200,000 in just three years - in an unlikely place: the old-fashioned defined-benefit pension plan. "It's amazing how much you can save, and it gives you a great tax deduction," he says...
The New York Times:
Wednesday, November 14, 2007
Benefits in a Pension, for Now and Beyond
FOR a long time, owners of small businesses have been able to put more income into a pension plan than salaried employees can, deferring tens of thousands of dollars in taxes. Gradual changes in the tax law and the advent of simpler ways to maximize contributions have sweetened that perk, especially for small-business owners who can afford to divert more of what they make into pensions...
InvestmentNews Weekly®
Firm aims to make DB plans a product advisers can sell
"A lot of the tax code changes have made the defined benefit plan really attractive to small business, and we're finding an appetite from financial planners, financial advisers and CPAs."
Karen Shapiro
Silicon Valley/San Jose Business Journal
Keeping up with IRS code can be taxing, profitable
Effective for 2006 and 2007 only, taxpayers over 70 and a half years old who are required to take a withdrawal from their IRA account -- and thus pay taxes on the income -- can distribute up to $100,000 from the account to qualified charities.
Investment Advisor Magazine Features OnePersonPlus®
The February 2004 issue of Investment Advisor magazine encourages successful financial advisors to consider opening a OnePersonPlus defined benefit plan.
"DB plans can act as great catch-up vehicles for older professionals who've failed to sock away enough for retirement."
Melanie Waddell
Financial Services Journal
May 2004
Relieving Client Pain: The After Tax-Season Sales Opportunity
by Art Leaffer
This is the time of year when small business owners and the self-employed writhe in pain as they write big checks to the IRS. Like all traumatic events, this one will stick with them for a while but then the pain will slowly dissipate — until next year. But while the pain lasts, they want relief. (Read Article)
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