When you hear the term defined benefit plan, you might assume it has nothing to do with your small business—especially if you’re a solo entrepreneur.

You probably associate pension plans with large corporations or unionized workplaces and think, “How could this possibly apply to me?”

If you’re a high-earning, self-employed individual or solo corporate owner and the only employee looking to maximize your retirement contributions while lowering your taxable income, a defined benefit plan can be a game-changing strategy. It offers a powerful way to accelerate your retirement savings far beyond the limits of traditional retirement accounts.

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