Core Insights - A high income is beneficial for retirement savings, but a strategic approach is essential for building a substantial nest egg [1] Group 1: Retirement Strategies - Utilizing a cash balance plan allows self-employed individuals to save significant amounts pre-tax, potentially hundreds of thousands annually, compared to the limited $8,000 per year for traditional IRA contributors [3][4] - The administration of cash balance plans typically costs between $2,000 to $3,000 annually, which is justified by the potential for high pre-tax contributions [4] - A 100% equities portfolio, primarily composed of low-cost index funds, is favored for long-term investments, as it is expected to yield higher returns compared to bonds over a minimum investment horizon of 10 years [5] Group 2: Additional Income Sources - Real estate investments, such as rental properties, provide additional income streams and come with financial advantages like leverage, depreciation, and qualified business income deductions [6] - The tax benefits associated with real estate investing, including the ability to write off depreciation losses and utilize the QBI deduction, are not available to traditional wage earners [6]