BeamaLife Insurance Re-Introduces IRS Section 7702 Private Pension Plan

BeamaLife re-introduces 7702 plan for self employed professionals like medical practitioners and professional employee with 401k at work, aims to give more retirement savings options.

New Jersey (PRWEB) - BeamaLife Insurance re-introduces the “IRS Section 7702 Private Pension Plan” or “7702 Plan” to self employed individuals, physicians, dentists and professionals who have 401k at the work. According to the US Bureau of Labor Statistics there are close to 15 million Americans are self-employed, including both those who are incorporated into their business and those who have not - like small law firm or physicians/dentists’ office. Most of these self-employed do not have any sort of retirement except IRA where they can maximum contribute $5,500 ($6,500 if age 50 or older) per year.

“Traditionally, retirement savings are made of three separate buckets; 1) company pension plan, 2) Social Security and 3) personal savings” said Neil Jesani, who is a CEO of BeamaLife Corporation and main stream media recognized financial planner. With disappearing large company’s pension plan, (these self employed individuals did not have a company pension plan at the first place), Social Security is not so reliable and personal savings rate is close to historic low; these self-employed individuals are really in an alarming situation for retirement income in their golden years.

“7702 plan is America's best kept secret for the self-employed and salaried employee” Neil Jesani continued. This plan will help to save for retirement in a more tax efficient manner without the limitations of IRA and 401K Plans. Highlights of the 7702 plan are:

•     No income tax upon withdrawal from the 7702 plan
•     No contribution limits to 7702 plan
•     No pre-age 59 ½ IRS or State 10% penalties for withdrawal
•     No required minimum distribution (RMD) at age 70 ½
•     No stock market risks to 7702 plan

7702 plan not only earns dividends and compounding interest but the 7702 plan account is also guaranteed not to go down in value due to stock market volatility. You can learn more about Section 7702 private pension plan at BeamaLife Insurance.

About BeamaLife Insurance
BeamaLife Insurance is a retail division of BeamaLife Corporation, based in Piscataway, New Jersey, is the nation’s fastest growing corporate treasury strategy firm. We specialize in fixed income assets that provide an alternative investment for corporate cash and defined benefits plans. You can learn more about BeamaLife Corporation at http://www.BeamaLife.com or call (800) 554-7822.

BeamaLife Insurance helps physicians, dentists, successful business owners, corporate executives and other high-net-worth individuals create additional wealth through intelligent financial planning, and reduce taxes with IRS-approved, tax-reduction strategies.