Does a small business owner who has a tax problem and has failed to save enough for retirement, but is averse to portfolio fluctuations, describe anyone you know?

If so, a retirement plan you’ve probably never heard of offers a solution you should investigate.

Cash Balance Plans have grown by 32% vs. 3% for 401(k) plans. That is according to the 2015 National Cash Balance Research Report, based on 2013 – the most recent year for which the IRS has complete data.

So what’s the appeal?

Rising Taxes: Rising federal, state and local tax rates have motivated many business owners to maximize tax-deferred retirement savings and take advantage of tax deductions for contributions to employee retirement accounts.

Hybrid Appeal: These “hybrid” plans combine the high contribution limits of a traditional defined benefit plan with the flexibility and portability of a 401(k) plan.

Retirement Savings Crisis: Media coverage of the Boomer generation’s lack of retirement preparedness is prompting older business owners to accelerate savings and maximize qualified plan contributions.

Retain and Attract Employees: Many businesses have key employees who the business depends on and employers want to make sure they reward these employees appropriately.

Bankruptcy Protection: No one implements a retirement plan because they are planning on a business failure, but in these economic times, it is nice to know that assets in a retirement plan cannot be attached by creditors, including the IRS.

So, do you have a small business owner, often an older individual anxious about not having saved enough for retirement and needs to squeeze 20 years of saving into 10? Thinks retirement plan administration is too costly and too much work? Doesn’t know where to go to start the planning process?

Let the professionals at Lafayette Life Retirement Services show you how to design a Cash Balance Plan that solves these issues and more. Call 800-443-8793 for more information. They have the tools, techniques, and the expertise, to help you grow your qualified plan business. You can find out more from their resource tab by clicking here. Below is an example of their excellent, “public friendly”, material, or it can be downloaded by clicking here. LL-2407