Welcome to the Maximizing Outcomes podcast, brought to you by Jim McGovern and the McGovern Wealth Group. Achieving bigger and better results with money, family, and business isn't about creating a bigger to-do list for yourself. It's about who can help you create results, without you having to do all the work. Listen as we provide uncommon perspectives, powerful resources, and experienced people that can help you Maximize Outcomes in your life.
All content for Maximizing Outcomes is the property of Jim McGovern 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.
Welcome to the Maximizing Outcomes podcast, brought to you by Jim McGovern and the McGovern Wealth Group. Achieving bigger and better results with money, family, and business isn't about creating a bigger to-do list for yourself. It's about who can help you create results, without you having to do all the work. Listen as we provide uncommon perspectives, powerful resources, and experienced people that can help you Maximize Outcomes in your life.
How Defined Benefit Plans Help Business Owners Slash Taxes and Catch Up on Retirement (Ep. 61)
Maximizing Outcomes
38 minutes 43 seconds
5 months ago
How Defined Benefit Plans Help Business Owners Slash Taxes and Catch Up on Retirement (Ep. 61)
How Defined Benefit Plans Could Help Business Owners Slash Taxes and Catch Up on Retirement (Ep. 61)
Are you a business owner with high income—but even higher tax bills? Are you feeling behind on retirement savings?
In this episode of Maximizing Outcomes®, Jim McGovern welcomes back Tom Wyatt to unpack one of the most overlooked yet powerful tools for high-income business owners: Defined Benefit Pension Plans.
You’ll learn:
How defined benefit plans can potentially save you hundreds of thousands in taxes annually
Why these plans my be ideal for late-stage retirement catch-up
How they differ from 401(k)s and profit-sharing plans
When to use cash balance plans for greater flexibility
Why you can still set one up after the tax year ends
How to use them for succession planning and buyouts
Tom shares real-world examples—including one client who’s pension contribution allowed for a $288,000 deduction in a single year while keeping 87% of it for himself.
Whether you’re a solo entrepreneur or run a business with employees, this episode will help you rethink how to retire smarter and lower your tax bill in the process.
Related Episode:
Episode 28: Retirement Planning Essentials
Episode 29: Retaining Key Employees with Non-Qualified Retirement Plans
📩 Have questions? Reach out to Jim at info@mcgovernwealth.com or visit mcgovernwealth.com
🎧 Don’t forget to subscribe and share this episode with other business owners who want to Maximize Outcomes® in their life.
Please note individual situations will vary, individual results will be unique and determined on their own merits. 7938432.1
Maximizing Outcomes
Welcome to the Maximizing Outcomes podcast, brought to you by Jim McGovern and the McGovern Wealth Group. Achieving bigger and better results with money, family, and business isn't about creating a bigger to-do list for yourself. It's about who can help you create results, without you having to do all the work. Listen as we provide uncommon perspectives, powerful resources, and experienced people that can help you Maximize Outcomes in your life.
