Defined Benefit Calculator for Self Employed:
There are several retirement plan options available for the self employed with different contribution limits. However, a defined benefit plan could possibly provide for the highest limit. For a middle aged individual in the top income tax bracket, the contributions to the plan are generally in the range of $200,000 each year, so it might just be worth your minute to explore more.
Contributions to a defined benefit plan are generally calculated by an actuary based on the age and the annual income of the individual. However, our one-of-a-kind defined benefit calculator can ease the pain for you. Use our calculator to get an approximate estimate about how much you can contribute each year to the plan.
Below is a short checklist to find out if a defined benefit plan is a good option for you:
- Do you earn more than $100,000 each year?
- Is you business generating a lot of free cash flow?
- Do you see a relative stability in the cash flow for the next 2-3 years?
If you answered yes to the questions above then it might be worth a lot of money to explore this option seriously. Our actuaries can design and administer a defined benefit plan at a minimal cost.
If you want to read more about self employed tax deductions centered around defined benefit plans please click here.
Please email us at email@example.com to help you with any additional questions or to set up the defined benefit plan.