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Generally, a defined benefit plan is most suitable for someone who is age 45 or older and expects to have sufficient income from their business to contribute to a defined benefit plan for at least three to five years.
Questions to Uncover Side Income
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Do you have income from work that is outside your regular job, such as:
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Consulting
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Serving as an independent corporate director
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Patents
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Book Royalties
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Giving speeches
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Questions for Spousal Income
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Does your spouse work?
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What kind of work does he/she do?
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Does he/she get a W-2 for income tax purposes or do you file a separate tax schedule for his/her business income?
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