Retirement plans continue to be the best legitimate tax-sheltered savings programs for doctors. For nearly a half-century, we have prepared thousands of IRS approved retirement plans for our clients.
The process typically starts with a feasibility study. We will send you a questionnaire to collect information on your practice profitability, how much you are interested in saving each year, and the basic demographics of your staff. Working with our affiliated actuarial firm, we will prepare studies that show how different plan designs are likely to work in your practice. If the results look good, we will prepare documents to get the plan up and running.
Our retirement plans for doctors are designed to meet IRS regulations and legislation. Not only do we set up the original plan, we also maintain and update it as the federal pension laws require.
- We gather information from you regarding your goals and objectives.
- Our team processes this information and researches what kind of plan would work best for you.
- A dedicated in-house expert with over 28 years of experience discusses this research data with you.
- Based on the discussion, we arrive at the final set of recommendations for the plan.
- Once we have your approval, we take care of the legal paperwork.
- We send all the documents in an easy to understand package.
- We maintain your plan for the IRS and other legal compliance purposes. We do not charge annual “holding fees” or “maintenance fees” but charge reasonable fees only when specific work is requested or required.
WHAT IS COVERED IN OUR RETIREMENT PLANNING SERVICES
Since we do this work for many practices around the country, we are able to keep our fees very reasonable. We are independent and unaffiliated with any brokerage firms, insurance companies or third party administrators. This means that our clients are not locked into costly fee-laden investment platforms. Most of our clients choose to invest through low-cost brokerage firms such as Charles Schwab, Fidelity, or Vanguard. However, our clients are free to open one or more accounts at whichever firms they choose.
We currently sponsor the following IRS-approved plans:
- Profit-Sharing Plan with or without 401(k) Elective Deferrals (Traditional and Roth 401(k))
- Cash Balance Defined Benefit Plan
For 2020, the tax laws permit contributions up to $57,000 or $63,500 for someone age 50 or over making the $6,000 401(k) “catch-up” contribution. If the doctor’s spouse is employed in the practice, then it is often possible for him or her to be allocated a similarly large contribution.
Defined benefit plans, on the other hand, are not subject to the same $57,000 or $63,500 limit. Here, the goal is to accumulate a large sum of money that will fund the participants’ retirement pensions. Depending on one’s age, income and years until retirement, the contributions can be enormous – sometimes well over $150,000 per year.
PLAN WITH CONFIDENCE
With us you will feel the difference of having a dedicated consultant available to assist you with anything you need to secure your future.
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