An owner-only defined benefit plan is a defined benefit plan that is ideal for business owners with no employees other than their spouses (including self-employed individuals, corporations, and partnerships) who desire to maximize their retirement contributions.
Self-employment brings with it great benefits as well as unique difficulties. TrueNorth Retirement Services is uniquely knowledgeable about those important nuances of ownership and self-employment.
One of the greatest benefits to consider with an owner-only defined benefit plan is that your annual contributions are capable of exceeding the typical maximum of other common types of retirement plans allowing you to save and invest more each year.
An owner-only defined benefit plan should be considered if you fit the following factors: