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Best-Kept Tax Secret For Small Bizs
The cash balance pension plan — little-known and even less understood — is growing in popularity, according to a story at CNNMoney.
It’s the best-kept secret in retirement planning. Even CPAs don’t know about it,” says Stephen Dobrow, president of Burlingame, Calif.-based Primark Benefits.
The plans, which involve mandatory annual contributions, work best for small business owners with fewer than 20 employees and excess profits of more than $50,000 per year that they can afford to sink into funding a pension , says Richard Jensen, president of BRS Consulting in Little Rock, Ark. If your company fits the bill, you can enjoy these benefits.
Most business owners don’t begin saving aggressively for retirement until they’re five or 10 years away from it, Dobrow says. They tend to plow any extra profits back into the business.
Photo by CCA.
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