A Cash Balance Plan may be ideal for your company or firm if it falls into any of the following categories:
1. Highly profitable companies of all types and sizes
Usually indicated by the owner’s desire for a larger tax deduction.
Principals earning more than $260,000 per year.
2. Family businesses
A Cash Balance Plan can be used as a component of succession planning.
3. Closely-held businesses
Several owners want a greatly enhanced retirement plan.
4. Law firms of all sizes
Tax deferral and asset protection are often very important to this profession, along with a highly competitive retirement package to help attract and retain top talent.
5. Medical groups of all sizes
Tax deferral and asset protection are often very important to this profession.