The Power of Defined Benefit Plans for Small Business Owners

Ed’s Edge – Season 5, Episode 46

If you’re a small business owner or independent contractor with a high income and you’re tired of paying excessive taxes, this podcast is for you! We explore the little-known, IRS pre-approved, retirement strategy known as the Defined Benefit Plan. Defined Benefit Plans can significantly reduce your tax burden and accelerate your retirement timeline, potentially saving you more than you ever thought possible. If you qualify, this strategy could mean tens of thousands of dollars returned to you, from the IRS, each year.

As a small business owner or self-employed individual, managing your daily operations alone can be a burden. You may have thought about retirement and saved a bit, but with retirement just five to fifteen years away, you might worry that you’ve reinvested too much in your business and haven’t saved enough. The Defined Benefit Plan is designed for high-income earners like you to help catch up on retirement savings and secure your financial future. Tune in to learn how this plan how this plan works and the intricacies of managing it!

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Ed’s Food for Thought

Chocolate Sauce Recipe

Baker’s or Ghirardelli Premium

Ingredients

  • 2 tablespoon butter
  • 1/2 bar unsweetened chocolate
  • Baker’s – for the regular version
  • Ghirardelli Premium – for the decadent version
  • 1 cup granulated sugar
  • 2/3 cup of carnation evaporated milk

Directions

  • Step 1: Bring water to a boil and then lower it some to medium.
  • Step 2: Put butter and chocolate on top of the double broiler. On the bottom of the double broiler, put half to one inch of water.
  • Step 3: Set the top of the double broiler on top of boiling water. Stir chocolate and butter until it’s liquid.
  • Step 4: Stir sugar into the liquid. Once it gets too thick, slowly stir a little bit of the Carnation milk into the liquid. Then stir more sugar in until it gets too thick. Repeat the process with the Carnation milk until both ingredients are in.
  • Step 5: Once it’s all in and liquid continue to stir until it thickens.