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:

• Maximize savings for you and your family
• Provide benefits to take care of your staff
• Provide a retention and reward tool for your staff
• Create a competitive advantage to attract new employees over big box pharmacies
• Maximize tax deductions
• Achieve personal financial independence
• Sell the pharmacy when you want, to whom you want (in other words, avoid being forced to sell)
• Enjoy an inspired life after pharmacy

Since your goals are unique, why have the same retirement plan as everyone else?

401(k) plans are now more popular than ever, but many Brokers and Advisors fail to mention they are highly customizable. At Pharmacy401k, our advisors will work with you to customize a plan that best meets your goals. We will walk you through your options for customizing your plan and discuss:  

• Employer Match
  • Choosing to match employee’s deferral or not
  • Choosing a safe-harbor match or non-safe-harbor match
  • Choosing a match vs. a non-elective contribution
• Profit-Sharing contributions
  • Discretional from year to year
  • Can allow extra savings of up to $54,000 (2017 IRS limit for 401k plans) per year per participant
  • Multiple ways to adjust the contribution percentage of profit sharing to benefit certain owners and/or employees
    • Traditional
    • Integrated
    • Age-Weighted
    • New-Comparability
  • Fees: 401(k) plans are often riddled with hidden fees
    • Large asset based or flat fees upfront, in addition to large fees hidden in loaded-funds and transaction costs
    • Understand what you are paying and why
    • Controlling fees can make a tremendous difference over time.

Click below to learn how a custom approach can impact your financial success, reduce cost, provide tax benefits, and ultimately provide a better benefit for everyone involved.