Click here to review: 2023 Cash Balance Plan and 401k Profit Sharing Plan Contribution Limits & Tax Savings
Are you looking to reduce your tax liability and supercharge your retirement savings? A cash balance plan may be the way to go. While a 401k is a great way to save for retirement, a cash balance plan can offer even more benefits for business owners, partners, and self-employed physicians. With higher contribution limits and the ability to combine it with a 401k, a cash balance plan can significantly boost your retirement savings. Plus, it's a great way to attract and retain top talent.
We are calling all health practice administrators, physician practice partners, and self-employed physicians to join Us for a Cash Balance Retirement Plans Webinar for Healthcare Practices and Physicians! Tuesday,December 12th Lunch & Learn 12:00 pm - 1:00 pm and Dinnertime Conversations Session 7:00 pm - 8:00 pm RSVP TODAY!
Cash balance retirement plans can offer Healthcare Practices, partners, and self-employed physicians several benefits. These plans have some unique advantages that may make them appealing to Medical Practices, partners, and self-employed professionals like physicians.
In this informative session, we'll cover:
High Contribution Limits:Cash balance plans typically allow for higher annual contributions than defined contribution plans like 401(k)s or SEP-IRAs. This can be particularly advantageous for high-earning individuals, such as self-employed physicians, who want to maximize their retirement savings.
Tax Deferral:Some individuals can contribute as much as 398k pre-tax for 2023 to a cash balance plan.Contributions to cash balance plans are tax-deferred, meaning that individuals can deduct the contributions from their taxable income in the year they make them. This can result in immediate tax savings, and the investment earnings within the plan also grow tax-deferred until withdrawal.It's not too late to contribute for 2023. We will discuss more in the webinar. Review the link below for 2023 max Cash Balance Retirement Plan contribution limits.
Retirement Income Stream:Cash balance plans are designed to provide a retirement income stream. This can be particularly beneficial for physicians who want a reliable source of income during their retirement years, especially if they anticipate having a lower income in retirement compared to their peak earning years.
Creditor Protection: Assets held within a qualified retirement plan, including cash balance plans, have protection from creditors and lawsuits. This can be an essential consideration for individuals concerned about asset protection.
Flexibility in Plan Design:Cash balance plans offer flexibility in plan design, allowing Healthcare Practices and self-employed physicians to tailor the plan to their specific needs and financial goals. This flexibility can be valuable for those who want a customized approach to their retirement planning.
Combining with Other Plans: Healthcare practices and self-employed physicians can combine a cash balance plan with other retirement savings vehicles, such as a 401(k) or SEP-IRA, to further enhance their overall retirement savings strategy.
Don't miss this opportunity to gain clarity and determine if a Cash Balance Retirement Plan is a good fit for you or your Healthcare Practice. We look forward to answering all of your questions.
Limited seating available: RSVP today by clicking the link below or contacting Adriane Holland at (678) 488-0336 oradriane@gamsg.biz
