The July SoloDB plan has been developed for sole practitioners and other owner-only businesses that employ only a business owner and possibly his or her spouse. Typical occupations are architect, attorney, doctor, consultant, dentist, manufacturer’s rep, mortgage broker, realtor, and small business owner. To learn about defined benefit plans for small businesses that employ between two and ten employees, click here to learn about the July SuccessDB Plan.

John, age 52, retired from a big downtown law firm and makes $200,000 per year in his solo legal practice. He would like to shelter as much as he can, and build enough savings to retire at age 60. With SoloDB he is able to contribute and deduct almost $140,000 per year while accumulating a total nest egg of approximately $1.4 million. This is in addition to his retirement benefit from the law firm.

Jennifer, age 47, is an anesthesiologist with her own medical practice. She has spent all of her career developing her practice, and hasn’t had much money or time to devote to retirement planning. Now she makes $350,000 per year and she needs to play “catch-up” in her retirement planning. A 401(k) plan won’t give her the kind of accumulation she needs to meet her retirement goals. She doesn’t have any employees. She would like to shelter as much income as she can, and her goal is to retire at age 57 with a retirement account of $1.5 million. With SoloDb she is able to contribute and deduct almost $115,000 per year while accumulating her $1.5 million nest egg.

Laura, age 45 and Dan, age 50 both retired from large companies and decided to open a manufacturer’s rep business as a part time business. Retirement income and other savings provide for most of their living expenses. The business has become so successful that they are looking for ways to shelter much of their income. SoloDb will allow them to shelter as much as $220,000 per year.