Background: Locum Tenens Retirement Are you a locum tenens worker? If so, planning for your retirement is critical. For example, you likely are not enrolled in an employer-sponsored retirement plan. In other words, saving for retirement is your responsibility. However, being self-employed provides a broader range of options when selecting your retirement vehicle. This flexibility […]

locum tenens retirement

October 16, 2020

Retirement for Locum Tenens Workers. What Is the Right Vehicle?

What Is a Cash Balance Plan? A Cash Balance Plan is a type of retirement plan. However, unlike individual retirement vehicles, such as IRAs, Cash Balance Plans are employer-sponsored. Thus, an individual cannot adopt a Cash Balance Plan unless he or she is self-employed. Additionally, if an individual owns a business, the entity may adopt […]

What Is a Cash Balance Plan

August 19, 2020

What Is a Cash Balance Plan? How Does a Cash Balance Plan Work?

Early Defined Benefit Adoption It’s human nature to take action as a deadline approaches. For example, why do you think CPAs are busier in April than February? Not surprisingly, it’s the same for clients setting up a Defined Benefit Plan. Historically, we’ve seen Defined Benefit inquiries and setups significantly increase near the statutory due date. […]

Setting Up a Defined Benefit Plan Early in the Year

February 26, 2020

Setting Up a Defined Benefit Plan Early in the Year. What Are the Advantages?

This article has been updated for 2020. A side business provides a great opportunity to save for retirement. In fact, a business owner may be able to save and deduct most or all side business income using a Defined Benefit Plan. SEP and 401(k) Plans significantly limit retirement contributions. Defined Benefit Plans, on the other […]

Side Business Defined Benefit

August 26, 2019

The Side Business Defined Benefit Plan. When a Solo K Isn’t Enough.

This article has been updated for 2020. How could a business owner deduct a $900k contribution that is used to fund his own retirement? How is such a large contribution possible when SEPs and 401(k) Plans are limited to ~$60k per year? The answer lies in combining the power of several individual strategies. Strategies that […]

Defined Benefit Contribution Front-load

August 7, 2019

How a Business Owner Deducted a $900k Retirement Contribution in One Year