Defined contribution plans, also known as 401(k) or 403(b) plans, are employer sponsored retirement plans that allow employees to contribute and save for retirement. In many cases, these plans are one of the most powerful wealth building vehicles available, especially if your employer offers a matching contribution. As such, it’s vital that you keep up to date on any changes to your retirement plan.

Households earning $500K–$600K could face an effective federal tax rate of 45% in 2025 under the new OBBBA rules. Learn how self-employed professionals can protect their deductions—and their wallets—using smart tax planning strategies like solo 401(k)s, defined benefit plans, and income timing.