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It is becoming more common for us to see retirement plans where the owners are not able to fully fund their portion because it is tremendously expensive because of the employees.  We have a special retirement plan design that may allow you (the owner) to maximize your contributions in a very efficient way for the pharmacy cash flow.  We believe that this is one way you should be rewared for taking the risk of pharmacy ownership.  This site is dedicated helping you create a more efficient benefit for the company and fulfill your responsibilities for being a plan sponsor.

Pharmacy 401k plans are a great way to save money and provide a benefit to your employees. Please visit the website at www.pharmacy401k.com to learn more.  Below is Waypoint's blog dedicated to pharmacy 401k plans and retirement planning for pharmacy owners.

Tyler Campbell

Recent Posts

Pharmacy401k: 2017 IRS Limits for popular pharmacy retirement plans

Posted by Tyler Campbell on Mon, Feb 13, 2017 @ 10:30 AM

2017 IRS Limits for Popular Pharmacy Retirement Plans

Now that we are well into the start of a new year, it is always nice to take a moment to review government regulation changes.  The most popular retirement plans for independent pharmacies across the nation are 401(k)’s and various IRA’s, and the following are the updated limits that one can contribute and defer into these plans for the 2017 calendar year.

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Tags: pharmacy retirement plan, 401k

Pharmacy401k: 3 little used ways to customize your “life after pharmacy” plan

Posted by Tyler Campbell on Thu, Jan 26, 2017 @ 02:37 PM

We are all unique, not just in the obvious ways but also in our personal goals and the goals we set for the businesses we own. For example, as an independent pharmacy owner, your goals are different than those of a restaurant owner. Here are some of the most common goals the pharmacy owners we work with tell us they want to be sure to achieve:

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Tags: pharmacy retirement plan, 401k

Pharmacy401k: How I Found My Passion for Community Pharmacy

Posted by Tyler Campbell on Wed, Jan 04, 2017 @ 08:00 AM

As I began searching for “what I wanted to do when I grew up”, I struggled to pinpoint a field I could really feel excited about. During college at East Tennessee State University, I ended up finishing with a BS in Business Administration. Like most new college grads, I wanted to find a career where I could make a difference in the world, but I also needed an income, so I started in banking. I moved to commercial sales and then to retail management where I gained an appreciation and a lot of respect for small business owners. Although these positions were critical in my career path, I did not feel particularly passionate about any of them.

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Tags: pharmacy retirement plan, 401k, cash flow

Pharmacy401k: A Cash Flow Safety Net

Posted by Tyler Campbell on Tue, Nov 08, 2016 @ 09:03 AM

Pharmacies today have found themselves caught in the middle of a vicious ongoing cycle of rising expenses upfront and delayed revenue.  This cycle is wreaking havoc on cash flow for the average independent community pharmacy. Obviously, cash flow is extremely important in any business. With shrinking margins and decreasing reimbursements, the independent pharmacy industry is no different.  As cash flow suffers, pharmacy owners are forced to focus on the short-term.  Saving money for retirement typically takes a back seat.

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Tags: pharmacy retirement plan, 401k, cash flow

Pharmacy 401(k) Annual Review

Posted by Tyler Campbell on Wed, Sep 28, 2016 @ 09:31 AM

As the last quarter is starting, now is an ideal time to conduct an annual check-up and review on your current Pharmacy’s 401(k) retirement plan. A quick annual look of a few simple things can dramatically impact your ability to retire on your terms. A well-constructed 401(k) will also ensure the viability of your community pharmacy after you have retired. As time moves forward, goals and objectives change as well. It is important to take these changes into account when developing a strategy for retirement.  The following is a list of 3 critical areas that pharmacy owners should review in their 401(k) retirement plan.

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Tags: pharmacy 401k, pharmacy owner, 401k

Pharmacy Owners Taking Control and Becoming Inspired

Posted by Tyler Campbell on Wed, Aug 31, 2016 @ 07:54 AM

Although different for everyone, some moments and decisions can alter your life path forever. In pharmacy, one might consider obtaining a degree, getting a new job, quitting a job, deciding to become an owner, and retirement to be turning points. Some events are random and cannot be controlled; others are more calculated and planned.

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Tags: pharmacy retirement plan, community pharmacy independence, written goals

Four Concepts to Optimize my 401(k)

Posted by Tyler Campbell on Wed, Aug 24, 2016 @ 04:23 PM

Not happy with the performance of your current 401(k)? Is it the investment choices? Is it the economy? Is it the plan design? Is it the advisor? Is it due to fees?

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Tags: pharmacy 401k, pharmacy retirement plan, community pharmacy 401k, 401k

Pharmacy Owners:  Who Do You Get 401(k) Retirement Advice From?

Posted by Tyler Campbell on Tue, Aug 16, 2016 @ 10:40 AM

Some decisions on who to call or get advice from are easy, while others can take some time to figure out.

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Tags: pharmacy 401k, community pharmacy owner, retirement plans, community pharmacy retirement program

Independent Community Pharmacy Owners: Switching from a SIMPLE IRA to a 401(k) Retirement Plan

Posted by Tyler Campbell on Thu, Aug 11, 2016 @ 10:27 AM

Around this time of year, independent community pharmacy owners and small business owners alike start evaluating their retirement plan.  Wait... What? You don't do this?  Well don't worry, you are not alone.  In fact, you are in the majority.  The first sentence should read, "This is the time of year for business owners to start evaluating their retirement plan."

Working with independent community pharmacy owners, we see one type of retirement plan that is very popular, the SIMPLE IRA.  Its all in the name, simple to start and simple to maintain.  What pharmacy owners have found, however, is that when using a SIMPLE IRA, even when maxing out contributions, saving enough money to reach their retirement goals is not likely.  For that reason, many pharmacy owners have now started looking into moving to a 401(k).

The following is a simplified rundown of what you need to know about switching from a SIMPLE IRA to a 401(k).

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Tags: pharmacy 401k, community pharmacy, pharmacist 401k, community pharmacy retirement program, community pharmacy 401k, pharmacy owner

Community Pharmacy Owners: It's time to get "Round Tuit"

Posted by Tyler Campbell on Thu, Aug 04, 2016 @ 10:18 AM

I have a friend, Roy, who owns a business consulting firm out of South Carolina. He had a very successful career as a CPA, and found his passion in retirement when he began consulting small business owners. Starting with a few clients, it snowballed into a booming business. Now in his early 70’s, many refer to him as Coach Roy. Roy often takes the time to discuss points of business, leadership, networking, and professional development with me. Being an author with the gift of gab, Roy tends to have a knack for turning a phrase. About three years ago, he gave me a coaster like cardboard disk quoting one of his infamous phrases. I keep it on my desk. The words circle the outside of where a drink would sit and state in bold red letters, “Round Tuit”. I must admit, when Roy gave me this, I did not understand what it meant. Was this some sort of business Latin term they did not teach me in college? Was it something from his time in the military, and I should show the utmost respect for it and what it stands for? I politely smiled and thanked him for the gift. Luckily, he began to explain.

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Tags: community pharmacy, pharmacy retirement plan, pharmacist retirement plan

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