Accelerated retirement savings and potentially larger tax deductions for businesses and professional practices.
Agnew Wealth Management works with medical, legal and dental practices to help set up and administer tax advantaged retirement savings plans for business owners and their employees.
In addition to the tax advantages available to employees through 401(k) plans, we also offer Cash Balance retirement savings plans for business owners and partners. Cash-balance plans are like traditional defined-benefit pension plans with a 401(k) feature. As in a traditional pension plan, investments are professionally managed and participants are promised a certain benefit at retirement. But that promised benefit is stated as a 401(k)-style account balance, rather than as a monthly income stream. These are very popular since many business owners and partners are looking for larger tax deductions and accelerated retirement savings.
Cash-balance plans have contribution limits that increase with age.
Well Fargo Advisors is not a legal or tax advisor.