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.
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