Cash Balance Plan

Ideal Candidates for Cash Balance Plans

1) Principals seeking a tax-deduction of more than $49,000, or who make more than $250,000 per year

2) Successful family businesses

3) Medical groups, law practices, and persons in the agriculture profession

4) Older owners who need to squeeze 20 years of retirement savings into 10

 

2016 Maximum Contributions

401(k), Profit Sharing & Cash Balance Plans

Age 401(k) Only 401(k) with Profit Sharing Cash Balance Total
65 $24,000 $59,000 $245,000 $304,000
60 $24,000 $59,000 $235,000 $294,000
55 $24,000 $59,000 $180,000 $239,000
50 $24,000 $59,000 $137,000 $196,000
45 $18,000 $53,000 $105,000 $158,000
40 $18,000 $53,000 $80,000 $133,000
35 $18,000 $53,000 $61,000 $114,000

Source for above data »

How do I get started?

Contact Wade Behlen, Director of Retirement Plans for a free consultation to learn more about Cash Balance Plans.

*Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual, nor intended to be a substitute for specific individualized tax advice. Limits and provisions are subject to change. We suggest that you discuss your specific tax issues with a qualified tax advisor.