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A defined benefit (DB) plan guarantees a specific retirement benefit to eligible employees, unlike a 401(k) plan which does not have a predefined benefit. Contributions to a DB plan are determined by actuarial analysis, considering the owner's age and desired annual contributions, creating a funding obligation. Once the retirement benefit objective is set, required employer contributions are calculated annually. The primary advantage of a DB plan is the potential for high annual tax deductions, exceeding $200,000 per year. For more insights, subscribe, like, and comment on the video.
