Defined Benefit Plans Offer a Powerful Retirement Planning Tool for Small Businesses

When people think about their overall retirement strategy, they often include plans such as 401(k)s and IRAs.  Many overlook the possibility of using a defined benefit plan as an additional tool for reaching their retirement goals.  Defined benefit plans are often misunderstood, considered a thing of the past or erroneously thought to be appropriate only for large corporations. Defined benefit plans can provide a rich retirement planning tool and a very large tax deduction for small business owners.