<p><strong>How Defined Benefit Plans Could Help Business Owners Slash Taxes and Catch Up on Retirement (Ep. 61)</strong></p> <p>Are you a business owner with high income—but even higher tax bills? Are you feeling behind on retirement savings?</p> <p>In this episode of <em>Maximizing Outcomes®</em>, Jim McGovern welcomes back Tom Wyatt to unpack one of the most overlooked yet powerful tools for high-income business owners: <strong>Defined Benefit Pension Plans.</strong></p> <p>You’ll learn:</p> <ul> <li>How defined benefit plans can potentially <strong>save you hundreds of thousands in taxes annually</strong></li> <li>Why these plans my be ideal for <strong>late-stage retirement catch-up</strong></li> <li>How they differ from 401(k)s and profit-sharing plans</li> <li>When to use <strong>cash balance plans</strong> for greater flexibility</li> <li>Why you can still set one up <strong>after the tax year ends</strong></li> <li>How to use them for <strong>succession planning</strong> and buyouts</li> </ul> <p>Tom shares real-world examples—including one client who’s pension contribution allowed for a $288,000 deduction in a single year while keeping 87% of it for himself.</p> <p>Whether you’re a solo entrepreneur or run a business with employees, this episode will help you rethink how to retire smarter and lower your tax bill in the process.</p> <p><strong>Related Episode:</strong></p> <p><strong>Episode 28: </strong><a href="https://maximizing-outcomes.blubrry.net/2023/07/14/retirement-planning-essentials-part-1-with-thomas-wyatt-jd-cfp-ep-28/"><strong>Retirement Planning Essentials</strong></a></p> <p><strong>Episode 29: </strong><a href="https://maximizing-outcomes.blubrry.net/2023/08/04/retaining-key-employees-with-non-qualified-retirement-plans-part-2-with-thomas-wyatt-jd-cfp-ep-29/"><strong>Retaining Key Employees with Non-Qualified Retirement Plans</strong></a></p> <p>📩 <strong>Have questions?</strong> Reach out to Jim at [email protected] or visit <a href="https://www.mcgovernwealth.com">mcgovernwealth.com</a></p> <p>🎧 Don’t forget to <strong>subscribe</strong> and share this episode with other business owners who want to Maximize Outcomes® in their life.</p> <p>Please note individual situations will vary, individual results will be unique and determined on their own merits. 7938432.1</p>