WOULD an extra $2.5 million come in handy at retirement?

LOS ANGELES, CA, USA, February 24, 2015 /EINPresswire.com/ -- Would you like to defer taxes on over $200,000 of current income, EACH YEAR?

Many professionals neglect their retirement savings while they're building their practice. They often have a need to catch up on years of retirement savings. Adding a Cash Balance Plan allows them to rapidly accelerate savings with pre-tax contributions as high as $100,000 to $240,000, depending on their age.

"With an increasing number of attorneys bumping up against their maximum contributions for 401(k) and profit sharing plans, more law firms are turning to Cash Balance Plans to help shareholders/partners increase their pre-tax contributions," says Dan Kratvitz, President of Encino, California’s Kravitz Inc., which designs, administers and manages retirement plans and specializes in Cash Balance Plans.

Over 40% of Cash Balance Plans are in physician, law, and professional service firms, with law firms representing 9% of all Cash Balance Plans in the United States as of 2005.

What's all the EXCITEMENT?
If you’re a physician (self-employed or partnered), you probably already have a DC/profit-sharing plan available to you into which you can contribute $50,000 a year ($55,000 if you’re over 50)

But what if you want to save more of your money toward retirement?
You can use a backdoor Roth IRA or even a taxable account, but neither of those reduces your tax bill this year. A Cash Balance Plan will.

A 2014 national Cash Balance study by Kravitz showed a 22% increase. The analysis of IRS data showed 9,648 Cash Balance Plans as of 2012.

The types of businesses that are candidates for Cash Balance Plans:
• CPA
• Law Firms
• Medical Groups
• Family or closely-held businesses with owners at their 401(k)/profit sharing
• Sole proprietors with income exceeding $260,000 per year

The Solution:
You may be the perfect candidate for a Cash Balance Plan. You can recover from a financial setback, or compress 25 years of savings into 10.

"Working with your CPA to run the numbers through our detailed census report will allow you to determine if a Cash Balance Plan is the right choice," says John Cornish, a Cash Balance Consultant, who recently partnered with Kravitz, Inc.

Press release courtesy Online PR Media: http://bit.ly/1Gq8qVc

John Cornish
Safe Money Resources
951-704-6400
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