How to Maximize Tax Deductions, with Bill Black

February 9, 2022

Episode 43:

This week I welcome Bill Black to the show. Bill has been in the pension administration business for over 40 years and helps clients work toward their retirement objectives. Bill discusses how to maximize your tax deductions by utilizing retirement plans to invest in life insurance. This allows you to save more money and give your survivors income tax-free benefits.

  • What are qualified retirement plans, and what factors help determine which is best for you
  • How to create a custom retirement plan to save the amount of money you pay in taxes
  • How the size of your deduction can vary based on your contribution
  • Why would someone begin to look into defined contribution plans
  • Why you would want to invest in a life insurance plan inside of your 401(k)
  • How owning life insurance inside of a defined retirement plan can save money on taxes and leave your survivors with income tax free benefits
  • What upcoming changes should you expect to see in 401(k) plans
  • Why businesses should do a health check on their retirement plans
  • What is the affiliated service group, and how do people often fall trap to it

Keep More Money In Your Pocket

We all want ways to maximize our tax deductions that are not outside of the box and will not get us into any trouble with the government. We can use the rules that are on the books to create a qualified plan to benefit us and keep more money in our pockets.

We are constantly looking to learn different ways to legally reduce our taxes and save more of the money we make. My guest this week on the Progressive Agency Podcast, Bill Black, joins me to discuss how to create a custom retirement plan to maximize your tax deductions, and ultimately save the amount of money you pay out each year.

How to Maximize Tax Deductions

Create A Custom Retirement Plan

Did you know there is a limit to how much you can put into a 401(k) plan? A 401(k) is a defined contribution plan, meaning that the law defines the contribution and benefit. Bill has been in the pension administration business for over 40 years and helps clients work toward their retirement objectives. We discuss how Bill and his team help business owners create a custom-defined plan, to maximize their tax deductions.

Were you aware that the maximum contribution amount can change year depending on inflation? For example, last year, the most that could go into a defined contribution plan for any participant was $58,000. This year, that’s been raised to $61,000. Bill explains how the size of your deduction can vary if you’re single versus if you are married. He and I discuss defined benefit plans or cash balance plans that are available to people who find that they aren’t getting a big enough deduction.

Investing In Life Insurance

When people think about their 401(k) retirement plans they typically think about stocks, bonds, mutual funds, etc. But another investment that people don’t think about, is life insurance, particularly in a defined benefit plan. During our conversation, Bill explains how the plan can provide a pre-retirement survivor’s benefit funded by life insurance.

Why would someone decide to invest in life insurance in their retirement account? It’s more about the amount of money they could save than it is about life insurance. Bill shares his insights on how you could save thousands of dollars more than owning life insurance outside of your retirement plan. He also explains how your survivors’ benefit is income tax free.

How to Connect with Bill Black:

About Bill Black:

Bill Black has been in the pension administration business for over 40 years and helps clients work toward their retirement objectives. He works with both individual and small business owners in the areas of benefits, retirement planning, and business planning. Bill and his team can offer a wide range of financial products and services including insurance, annuities, and investment products (tax-sheltered plans, mutual funds) to help his clients meet their retirement needs.

Education Bachelor of Arts, Business Administration, and Economics Rollins College
Professional Credentials: Chartered Financial Consultant (ChFC) Chartered Life Underwriter (CLU) Life and Qualifying member MDRT (Million Dollar Round Table) 15 Time Court of Table (MDRT) 20 Top of Table (MDRT).

Licensed in 42 states, Bill truly has a national practice. He has marketed and administered plans in virtually every state in the union.

Bill has spoken nationally and internationally on the topics of qualified plans and is a much sought-after speaker. He has been quoted in USA Today and has been a guest on financial radio shows. Bill is certified to teach continuing education to CPAs and insurance professionals. Additionally, he has had numerous articles published in national journals.

Bill brings a professional and necessary combination to the marketing effort: comfortable with the explanation of complex ideas and able to put them into easily understood concepts, with the ability to sell.

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