> Article by Northern Dental Alliance Member, Rick Epple
Most dental offices share a variety of critical priorities, such as cash flow, managing taxes, attracting and rewarding valued employees, and establishing a long-term strategy to ensure their own financial security.
Fortunately, dental practice/business owners also share an option that could help address all of those goals: Sponsoring a workplace retirement plan.
There are several types of retirement plans for dentists to choose from, and each type of plan has advantages and disadvantages. This discussion covers the most popular plans.
- SEP-IRA: A Simplified Employee Pension plan
- SIMPLE IRA: Individual retirement account (IRA), the SIMPLE (Savings Incentive Match Plan for Employees)
- Profit Sharing plans: Group 401(k) and Roth 401(k) A type of deferred compensation plan, and now the most popular type of plan by far.
- Cash Balance Pension Plan: By far the most sophisticated type of retirement plan, a cash balance pension plan is a type of defined benefit program. A Cash Balance Plan operates much differently than other types of retirement plans.
- Other plans: The above sections are not exhaustive, but represent the most popular plans in use today.
Sincerely, Rick Epple, CFP®
Rick is the founder and president of Epple Financial Advisors (EFA). We at EFA work in our client’s (including dentists) best interest to understand their unique issues and create a flexible but clear and direct road map to achieve their goals. He is also a co-founding member of the Northern Dental Alliance.
Epple Financial Advisors, LLC
1000 Twelve Oaks Center Dr. • Wayzata, MN 55391
Phone: 952-470-5049 • EMAIL info@EppleFinancial.com
Also View Rick's Video on NicheDental2000 YouTube Channel
Also Posted @NorthernDentalAlliance.com
Also Posted @NicheDentistry.blogspot.com