As a self-employed business owner, you have made diligent plans to provide a service to clients. It does not hurt to apply the same dedication to your retirement. Start by considering how self-employed defined benefit plans in Surprise, AZ can boost your retirement income.
- Make Large Tax-Deductible Contributions
Compared to $7,000 for an IRA and $61,000 for a SEP, a defined benefit plan allows you to contribute $100,000 to $250,000 annually for your retirement. Plus, this significantly higher contribution limit is tax-deductible while you save.
- Get Tax-Deferred Growth
In addition to deductible contributions, you avoid yearly taxes on investment gains. Any contribution you make earns tax-deferred growth grows until you start receiving distributions from the plan.
- Add Your Spouse for More Tax Deductions
Plans that you and your spouse may have for retiring together are enhanced with defined benefit plans in Surprise, AZ. If your spouse works for your company, any contributions you make on their behalf may potentially double. This gives you more tax deductions.
- Make Up for Past Years
Perhaps you got a late start to saving for your retirement. The fact that a defined benefit plan allows massive contributions means you could build a generous fund of millions of dollars within 10 years.
Start Planning Your Future Retirement Today!
Retiring in a good financial position requires taking active steps towards having the income you will need. It is never too early to start and with defined benefit plans in Surprise, AZ, it is not too late. Added with other retirement vehicles, you have a good chance of living well.
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