To grow and safeguard your wealth strategically, you need to seize every chance to maximize pre-tax deductions. An often-overlooked opportunity lies in cash balance plans, tailor-made retirement savings vehicles for business owners.

Put simply, life insurance is one of the most effective ways to build wealth. Note we’re not just talking about protecting wealth, as in securing your legacy and paying out your policy’s “death benefit” to your beneficiaries. We’re also talking about the built-in features of life insurance that allow you to grow your wealth during your lifetime.

You’ve spent your entire career building your legacy and preparing for the retirement of your dreams. The last thing you want is for someone else to determine who gets what after you’re gone. That’s where your estate plan comes in. Although estate planning can sound complicated, it really boils down to your answering the question, “Where do I want my assets to go after I’ve passed away or become incapacitated?”

Retirement planning can be a maze of options, but it all boils down to two main paths: defined benefit plans and defined contribution plans. First, let's break down the key features of defined benefit and defined contribution plans. Starting with defined benefit plans—which provide a specific benefit at retirement for each participant. The most common example of this is a pension.

Exploring defined benefit plans can be complex and often leave business owners pondering a crucial question: “What options are available for reducing taxes while planning for retirement as a business owner?” In the complex world of taxes, taking the right steps is crucial.