Here's the strategy that met Hank Jones' needs:

He established a Defined Benefit 412(i) plan using his self-employment income.

This is a special type of defined benefit pension plan as described in the Internal Revenue Code that provides a fully guaranteed* retirement benefit and must be funded with insurance company contracts. This plan type typically generates the largest possible tax deduction, more than any other plan type.

*Guarantees are dependent on the claims-paying ability of the issuing company.


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