Our goal at Hightower Bethesda is to help people make smarter financial decisions that ultimately serve their best interests over time. We brainstormed topics of interest pertaining to this goal and ultimately came up with 5 series we want to explore ways to better equip the listeners to make smarter financial decisions (1) Planning for Business Owners (2) Women Business Owner Series (3) Alternative Investments (4) Economic Insights (5) Divorce Financial Planning.
All content for Everything Money is the property of Stephen Rosen and Leah Jones and is served directly from their servers
with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.
Our goal at Hightower Bethesda is to help people make smarter financial decisions that ultimately serve their best interests over time. We brainstormed topics of interest pertaining to this goal and ultimately came up with 5 series we want to explore ways to better equip the listeners to make smarter financial decisions (1) Planning for Business Owners (2) Women Business Owner Series (3) Alternative Investments (4) Economic Insights (5) Divorce Financial Planning.
Defined Benefit Plans: A Retirement Plan Every Small Business Owner with No Employees Should Have
Everything Money
42 minutes 29 seconds
4 years ago
Defined Benefit Plans: A Retirement Plan Every Small Business Owner with No Employees Should Have
In this episode of the Hightower Bethesda podcast, Leah Jones, Director of Financial Planning for Hightower Bethesda, talks to Philip Pirio, Senior Plan Design Consultant for Dedicated Defined Benefit Services about defined benefit plans for business owners with no employees and 1099 income. Listen to how these plans are a great way to maximize retirement savings and minimize taxes. Phil discusses these plans with real world examples, what to keep in mind when setting one up and what happens if you terminate the plan.
“The closer you are to retirement age, the fewer years you have to put into that plan to reach the goal that’s defined as the benefit. Therefore, the contributions get higher.” -Philip Pirio [10:46]
What You Will Learn:
[01:11] Narrowing the conversation
[03:14] What is a defined benefit plan
[06:25] Some contribution factors
[11:43] How this applies for someone who makes $1 million
[13:07] How to figure out how much to stash away
[15:48] What to think about when setting up a defined benefit plan
[20:27] What happens if you terminate the plan
[23:41] The maximum amount to put into a defined benefit plan
[25:48] Some real world examples
[32:39] Deadlines and taxes
[37:50] Phil’s closing thoughts
Our Contacts:
Website: http://bethesda.hightoweradvisors.com/
LinkedIn: https://www.linkedin.com/company/hightowerbethesda/
Facebook: https://www.facebook.com/HightowerBethesda/
Twitter: https://twitter.com/LeahPlans4You
Resources:
Visit our website: https://bethesda.hightoweradvisors.com
Visit Dedicated Defined Benefit Services: https://www.dedicated-db.com/
Everything Money
Our goal at Hightower Bethesda is to help people make smarter financial decisions that ultimately serve their best interests over time. We brainstormed topics of interest pertaining to this goal and ultimately came up with 5 series we want to explore ways to better equip the listeners to make smarter financial decisions (1) Planning for Business Owners (2) Women Business Owner Series (3) Alternative Investments (4) Economic Insights (5) Divorce Financial Planning.
