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June 30, 2016

People are living longer and retiring to more active lifestyles that require substantial funds to maintain. While the income from social security, employer-provided retirement plans and personal savings may be sufficient income for many to maintain pre-retirement lifestyles, the same rarely holds true for highly-compensated individuals. For executives and professionals, the relatively modest amount paid by social security, as well as the IRS limitations on qualified defined contribution retirement plans, such as 401(k) and profit-sharing plans, and benefits payable from defined benefit plans, such as pension or cash-balance plans, means that these plans alone may not support the desired post-retirement lifestyle.

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