Brian Boyd

is out there that their financial planners already told them is like, pay yourself first, fund your retirement account first, and then pay for things.

So everything, you know, a lot of people have 401ks, they have solo 401ks, SEPs, simplified employee pensions, defined benefit plans are a big deal for those making more money

you know, more than they actually need to utilize in one year, I would say, hey, get a defined benefit plan.

Yeah, so a defined benefit plan kind of has three components to it.

It's got a profit sharing component.

It's got the 401k component.

And then it's got another component that...

It's very difficult to explain, but there's basically three levels and an actuary comes in and they look at your income year over year.

So you have to pay that actuary every year to come in and analyze you to tell you how much you need to put into the plan.

Now plans can be five years.

They can be 10 years.

They can be 15 or 20 years.

You just have to figure out what is your plan?

When is your time to retire?

And they reverse engineer it back saying, hey, you need to put in X amount of dollars to fully fund the plan for this year.

And then ostensibly, at the end of the plan, when you're ready to retire, you basically get a pension for life.

And if you have maxed out the plan, I've seen numbers showing that, yeah, your plan is going to pay you $280,000 a year for life.

That's incredible.

I mean, forget about social security.

Who cares about that?