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46. The Super 401K Plan Design w/ pension design expert John Lalonde & the 401h Medical Reimbursement Account
High earners only have few choices when saving for retirement
1. Individual Retirement Account which currently has a 2022 max contribution of $6,000. (1)
2. 401K Profit Sharing Plan with 2022 max contributions of $61,000 if under the age of 50 (2)
3. Pension Plan ( Cash balance Plan) provides for a $245,000 annual retirement benefit
4. 401h Medical Expense Reimbursement Account (incidental benefit)
It's a little complicated but #1 & #2 are classified as Defined Contribution plans because YOU contribute to your plan. #3 is a Pension plan, which means the company contributes adequate funds to an account in order to pay you a pension of $245,000 per year. #4 is an account with reimburses you for medical expenses in post-retirement. It is not an Health Savings Account.
Listen to this very interesting interview for a unique perspective on how to make six-figure tax deductible contributions to your own pension plan!
1.https://nb.fidelity.com/public/nb/default/resourceslibrary/articles/irslimits
2.https://nb.fidelity.com/public/nb/default/resourceslibrary/articles/irslimits
** Cenacle Capital Management does not provide tax advice. Speak with your accountant and pension design expert John Lalonde to see if it is right for you.
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By The Blockchain Advisor ™High earners only have few choices when saving for retirement
1. Individual Retirement Account which currently has a 2022 max contribution of $6,000. (1)
2. 401K Profit Sharing Plan with 2022 max contributions of $61,000 if under the age of 50 (2)
3. Pension Plan ( Cash balance Plan) provides for a $245,000 annual retirement benefit
4. 401h Medical Expense Reimbursement Account (incidental benefit)
It's a little complicated but #1 & #2 are classified as Defined Contribution plans because YOU contribute to your plan. #3 is a Pension plan, which means the company contributes adequate funds to an account in order to pay you a pension of $245,000 per year. #4 is an account with reimburses you for medical expenses in post-retirement. It is not an Health Savings Account.
Listen to this very interesting interview for a unique perspective on how to make six-figure tax deductible contributions to your own pension plan!
1.https://nb.fidelity.com/public/nb/default/resourceslibrary/articles/irslimits
2.https://nb.fidelity.com/public/nb/default/resourceslibrary/articles/irslimits
** Cenacle Capital Management does not provide tax advice. Speak with your accountant and pension design expert John Lalonde to see if it is right for you.