
Hidden Advantages of the Defined Benefit Plan
If you’re a high-earning solo business owner looking to boost your retirement savings and cut your tax bill, a defined benefit plan may be the solution you haven’t considered. Often associated with corporate pensions, these plans offer self-employed professionals the opportunity to make significantly larger, tax-deductible contributions than other retirement options—potentially saving six figures in taxes each year. Here’s how they work and who they’re best suited for.