Bellingham, WA (PRWEB) August 25, 2005
The first book ever published on 412(i) plans is being released October 15, 2005. What is a 412(i) plan? If you know what a 401(k) plan is, the 412(i) plan is the defined benefit version of the 401(k) plan. This plan is meant for the baby boomers who have not saved enough for retirement. Congress in passing EGTRRA in 2001 has put the benefits back into defined benefit plans. These plans were widely used from 1974-1987 and now they are back.
A participant who is usually a doctor or a dentist or a small businessman can save large amounts of money in a guaranteed account for retirement. The funds are tax deductible by the corporation and not included in his or her income tax. The funds are placed into guaranteed annuity and guaranteed life insurance contracts. These contracts usually guarantee a minimum interest rate of 3% but no cap on the maximum and it can be as high as 7-8%. The tax savings alone can mean a 35% savings on your retirement funds
The 412(i) Defined benefit plan also is protected from creditors. This is really a plus for doctors in a high-risk area of practice. How can you learn more? Finally, a book on 412(i) plans has been published. This book is a “Must” read for anyone in the 412(i) market.
This book explores the fastest growing retirement plan in the U.S. known as “412(i) Defined benefit Pension Plans”. The book reviews what a 412(i) plan is, how a small business owner can use it to secure a “guaranteed retirement,” how you can legally deduct $50,000-$100,000 or even $200,000 a year by placing the funds into your guaranteed pension.
The book is written by tax attorney Nick Paleveda MBA J.D. LL.M who is also a contributing author to “The Life Insurance Answer book for Qualified plans and Estate planning” (Panel Publishing 1997) with 20 years experience and assisted by 2 pension actuaries with over 35 years experience. If you are a doctor, lawyer or small business, this plan can get you to a safe and secure retirement. The book also covers the abusive plans with “heavily loaded” life insurance contracts that are being promoted by a few major insurance companies that you should avoid. For more information visit http://www.The412iBook.com