{"id":4999,"date":"2023-08-10T23:23:09","date_gmt":"2023-08-11T04:23:09","guid":{"rendered":"https:\/\/www.incsight.net\/?p=4999"},"modified":"2026-07-08T17:24:54","modified_gmt":"2026-07-08T22:24:54","slug":"unlock-your-business-potential-exploring-non-qualified-retirement-plans","status":"publish","type":"post","link":"https:\/\/www.incsight.net\/blog\/2023\/08\/10\/unlock-your-business-potential-exploring-non-qualified-retirement-plans\/","title":{"rendered":"Unlock Your Business Potential: Exploring Non-Qualified Retirement Plans!"},"content":{"rendered":"<div class=\"et_pb_section_0 et_pb_section et_section_regular et_block_section preset--module--divi-section--default\">\n<div class=\"et_pb_row_0 et_pb_row et_block_row\">\n<div class=\"et_pb_column_0 et_pb_column et_pb_column_4_4 et-last-child et_block_column et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_text_0 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--group--divi-text--divi-font-header--h1y3ko5--default preset--group--divi-text--divi-font-body--h19rs5u--default preset--group--divi-text--divi-font-body--h1yjkjr--default\"><div class=\"et_pb_text_inner\"><p>When it comes to retirement planning for small business owners there are a lot of options available which can be confusing. There is no one strategy that is perfect for everyone and when we look at the non-qualified options it is usually after we have already exhausted our qualified options or you have a specific scenario that makes it possible.\u00a0<\/p>\n<p>We partner with<span>\u00a0<\/span><a href=\"https:\/\/lifeincrs.com\/tax-savings-podcast\/\" target=\"_blank\" rel=\"noopener noreferrer\">Matt Ruttenberg and Life Inc Retirement Services<\/a><span>\u00a0<\/span>so if you would like to get started on setting up a retirement plan you can visit\u00a0their site\u00a0<a href=\"https:\/\/lifeincrs.com\/tax-savings-podcast\/\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a>.<\/p>\n<p>Before you dig into this Blog, I highly recommend you check out our overview of qualified options in this Blog and Podcast:<\/p>\n<p><strong><a href=\"https:\/\/www.taxsavingspodcast.com\/blog\/what-retirement-plan-options-are-available-for-my-business\" target=\"_blank\" rel=\"noopener noreferrer\">What Retirement Plan Options Are Available For My Business?<\/a><\/strong><\/p>\n<p>With that being said, lets dig into non-qualified options!<\/p>\n<\/div><\/div>\n\n<div class=\"et_pb_text_1 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--group--divi-text--divi-font-header--h1y3ko5--default preset--group--divi-text--divi-font-body--h19rs5u--default preset--group--divi-text--divi-font-body--h1yjkjr--default\"><div class=\"et_pb_text_inner\"><h1>Deferred Compensation Plan<\/h1>\n<p>A Deferred Compensation Plan is also commonly know as Golden Handcuffs.<\/p>\n<p>This non-qualified plan allows employers to incentivize targeted individuals with additional compensation without offering the benefit company wide.<\/p>\n<ul>\n<li><strong>Contribution Limits<\/strong>\n<ul>\n<li>Unlimited contributions due to the non-qualified tax status.<\/li>\n<li>Tax deductible to the business.<\/li>\n<li>Employee pays taxes as income on the agreed upon future date once funds are released.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Who Is This Plan For?<\/strong>\n<ul>\n<li>Employers looking for additional benefits to retain executives and other key employees.<\/li>\n<li>Business owners who are looking to target only certain individuals.<\/li>\n<li>Business Owners looking to set themselves apart as an employer.<\/li>\n<li>Those looking for more flexibility and control of the benefit amount.<\/li>\n<li>Employers wanting to add restrictions to a robust benefit for top-tier employees.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h1>Section 162 Bonus Plan<\/h1>\n<p>The Section 162 Bonus Plan is also commonly know as an Executive Bonus Plan.<\/p>\n<p>Using life insurance as the platform, this non-qualified plan gives you the ability to target only the employer, or certain individuals in the organization without offering a benefit company wide.<\/p>\n<ul>\n<li><strong>Contribution Limits<\/strong>\n<ul>\n<li>Unlimited contributions due to the non-qualified tax status.<\/li>\n<li>Tax deductible to the business when offered as a bonus to the employee.<\/li>\n<li>Employee pays taxes on contributions.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Who Is This Plan For?<\/strong>\n<ul>\n<li>Employers looking for additional contribution options in addition to other retirement plans. Employers who want to target certain individuals for additional benefits.<\/li>\n<li>Business Owners who want the option to retire early.<\/li>\n<li>Those looking to supplement retirement with tax-free income.<\/li>\n<li>Investors looking for additional platforms similar to a Roth IRA or Roth 401k.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h1>Life Insurance Retirement Plan (LIRP)<\/h1>\n<p>A Life Insurance Retirement Plan, or LIRP, is a nonqualified plan using a cash value life insurance policy to house the assets.<\/p>\n<p>These specifically designed policies allow for tax-free withdrawals that mimic a Roth IRA or Roth 401(k) without age or income restrictions on your contributions and retirement income.<\/p>\n<ul>\n<li><strong>Contribution \/ Income Limits<\/strong>\n<ul>\n<li>Unlimited contribution limits due to the non-qualified tax status.<\/li>\n<li>After-tax contributions.<\/li>\n<li>Tax-free income in retirement when cash value remains below the Modified Endowment Contract (MEC) limits.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Who Is This Plan For?<\/strong>\n<ul>\n<li>Employers looking for additional contribution options in addition to other retirement plans.<\/li>\n<li>Employers looking for a retirement option without the need to include employees.<\/li>\n<li>Business Owners who want the option to retire early.<\/li>\n<li>Those looking to supplement retirement with tax-free income.<\/li>\n<li>Investors looking for additional platforms similar to a Roth IRA or Roth 401k.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span>As a reminder, we partner with\u00a0<\/span><a href=\"https:\/\/lifeincrs.com\/tax-savings-podcast\/\" target=\"_blank\" rel=\"noopener noreferrer\">Matt Ruttenberg and Life Inc Retirement Services<\/a><span>\u00a0so if you would like to get started on setting up a retirement plan (or just looking for a consultation) you can visit\u00a0their site\u00a0<\/span><a href=\"https:\/\/lifeincrs.com\/tax-savings-podcast\/\" target=\"_blank\" rel=\"noopener noreferrer\">here<\/a><span>.<\/span><\/p>\n<\/div><\/div>\n\n<div class=\"et_pb_code_0 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\"><iframe src=\"https:\/\/www.buzzsprout.com\/1837660\/episodes\/13360014-unlock-your-business-potential-exploring-non-qualified-retirement-plans?client_source=small_player&amp;iframe=true&amp;referrer=https:\/\/www.buzzsprout.com\/1837660\/13360014-unlock-your-business-potential-exploring-non-qualified-retirement-plans.js?container_id=buzzsprout-player-13360014&amp;player=small\" loading=\"lazy\" width=\"100%\" height=\"200\" frameborder=\"0\" scrolling=\"no\" title=\"Small Business Tax Savings Podcast, Unlock Your Business Potential: Exploring Non-Qualified Retirement Plans!\"><\/iframe><\/div><\/div>\n\n<div class=\"et_pb_code_1 et_pb_code et_pb_module\"><div class=\"et_pb_code_inner\"><iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/xt5w14OV4qY?si=G15o9q7dvqp7eaR3\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div><\/div>\n\n<div class=\"et_pb_text_2 et_pb_text et_pb_bg_layout_light et_pb_module et_block_module preset--group--divi-text--divi-font-header--h1y3ko5--default preset--group--divi-text--divi-font-body--h19rs5u--default preset--group--divi-text--divi-font-body--h1yjkjr--default\"><div class=\"et_pb_text_inner\"><ul>\n<li style=\"list-style-type: none;\">\n<p><strong>The Time Is NOW To Start Paying Less In Taxes.\u00a0<\/strong><strong>Join<span>\u00a0<\/span><span>TaxElm<\/span><span>\u00a0<\/span>and start eliminating taxes and growing your wealth!<\/strong><\/p>\n<p>What you'll get:<\/p>\n<ul>\n<li><strong>Tax Savings Blueprint and Training:<\/strong><span>\u00a0<\/span>This is your roadmap to hit the ground and start implementing. Know exactly which strategies are relevant to you and which ones you should focus on first! Then dive into the training library with content, videos, downloads, guides, templates, etc. and start implementing right away!<\/li>\n<li><strong>Unlimited Access to Tax Experts:<\/strong><span>\u00a0<\/span>Got a specific question about a tax rule? You\u2019ll have unlimited messaging access directly with-in the software to our team of tax experts to get the accounting and tax answers you need.<\/li>\n<li><strong>Annual Comprehensive Consultation:<\/strong><span>\u00a0<\/span>Once a year you get a live meeting with a tax expert to discuss anything tax savings you would like. This is your time to get your questions answered live 1-on-1.<\/li>\n<li><strong>Annual Tax Return Review:<\/strong><span>\u00a0<\/span>Each year, upload your prior year tax returns, and our expert team will meticulously analyze them to generate a custom report highlighting key findings and actionable savings strategies tailored to your specific tax situation.<\/li>\n<li><strong>Monthly Webinars and Training:<\/strong><span>\u00a0<\/span>Every month, we host a live, virtual training session on a key tax topic. Join us live and bring your questions or view the training on your own schedule (recordings are added to the tax training library).<\/li>\n<li><strong>Partner Directory and Discounts:<\/strong><span>\u00a0<\/span>You get exclusive, members-only rates and access to our expert referral network for accounting, bookkeeping, tax preparation, payroll, financial planning, legal, retirement planning, tax resolution, and more!<\/li>\n<li><strong>TaxElm Guarantee:<\/strong><span>\u00a0<\/span>We will present tax saving strategies that will, at a minimum, cover the cost of your subscription fee or your money back!<\/li>\n<\/ul>\n<p>It is like having a tax\u00a0strategist walking with you along this entrepreneurial journey!<\/p>\n<\/li>\n<\/ul>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n<div class=\"et_pb_row_1 et_pb_row et_block_row\">\n<div class=\"et_pb_column_1 et_pb_column et_pb_column_4_4 et-last-child et_block_column et_pb_css_mix_blend_mode_passthrough\">\n<div class=\"et_pb_module et_pb_button_module_wrapper et_pb_button_0_wrapper preset--group--divi-button--divi-font--h1vi52x--default_wrapper\"><a class=\"et_pb_button_0 et_pb_button et_pb_bg_layout_light et_animated et_pb_module et_block_module preset--group--divi-button--divi-font--h1vi52x--default\" href=\"https:\/\/taxelm.com\/?via=incsight\">Join TaxElm<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":5003,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","footnotes":""},"categories":[73,32,72,36,51,33],"tags":[42],"class_list":["post-4999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-401k","category-accounting","category-retirement","category-small-business","category-tax-planning-strategy","category-taxes","tag-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Unlock Your Business Potential: Exploring Non-Qualified Retirement Plans! - IncSight<\/title>\n<meta name=\"description\" content=\"Already maxed out your qualified retirement options? 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