How to Save Huge Taxes with a Cash Balance Plan for PhysiciansSep 07, 2022
Too often physicians will overlook benefits that can boost their retirement. A cash balance plan offers huge tax savings and is a type of defined benefit plan. So what are defined benefit plans, and how can a cash balance plan offer these huge tax savings? A physician who skips over a defined benefit plan could miss out on a large sum of money. Tune in today to learn more about how a physician can use a defined benefit plan as a pension plan.
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IN THIS EPISODE
- [0:51] What are defined benefit plans?
- [4:05] How does the employer guarantee or decide how much money they put in?
- [9:28] Where does an employee/employer start with a cash balance plan?
- [11:45] What are the limits an employee can contribute to?
- [13:15] If a physician decides they want to get out, is it easy to back out of the plan?
- [17:20] Understanding a pension and seeing its worth is essential; they are really valuable benefits.
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