Very seldom do Americans regret saving too much for retirement. That’s because many don’t make the kind of money necessary to max a Roth IRA or 401(k). But for those who do, a lesser-known account called a cash balance plan offers avid investors a way to become avid savers. The pension accounts have exploded in popularity — especially with high-earners like doctors, lawyers, and small business owners — and recently surpassed $1T in assets. Its rich benefits and complement to existing retirement accounts are big reasons why.

• Cash balance plans are pensions that allow participants to save up to $3.6M on top of a 401(k) account — or up to $380K/yr, compared with the $70K max that 401(k) plans boast this year.
• The accounts are funded and guaranteed by employers, which is why professionals manage cash balance plans, promising 3-5% annual returns.

How can I start using it? If you haven’t maxed your Roth IRA or 401(k), that might be a more suitable starting place. But if you’re making the big bucks and working a w-2 gig, you’ll need to check with your employer to see if they support the cash balance plan. The more you earn, the more likely your employer will be among the 20K+ plans that boast the pension. If it doesn’t exist, you might just have to advocate for it as a workplace benefit.

What if I’m self-employed? If you’re self-employed, that’s a different story. For between $3K and $5K, you can likely set up a cash balance plan for yourself. For that, you might consult an administrator who can help set up the plan, maintain it, and offer you the returns you desire. However, beware: by setting up the plan, you’ll be accountable for ongoing administration fees and premium payments to the Pension Benefit Guaranty Corporation, which resembles the FDIC for pension plans.