By setting up the right type of 401(k) for your specific pharmacy, you can maximize your savings for retirement while increasing tax deductions for your corporation. A happy side-effect of doing this is increasing your ability to better attract, retain, and reward your most valuable employees. Below are different ways to optimize your 401(k) to save more while increasing tax deductions.
Read MoreTags: community pharmacy 401k, 401k, increased deferrals, 401k options, safe-harbor matching, profit-sharing, company census tool
By setting up the right type of 401(k) for your specific pharmacy, you can maximize your savings for retirement while increasing tax deductions for your corporation. A happy side-effect of doing this is increasing your ability to better attract, retain, and reward your most valuable employees. Below are different ways to optimize your 401(k) to save more while increasing tax deductions.
Read MoreTags: community pharmacy 401k, 401k, increased deferrals, 401k options, safe-harbor matching, profit-sharing, company census tool
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?
Read MoreTags: pharmacy 401k, pharmacy retirement plan, community pharmacy 401k, 401k
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).
Read MoreTags: pharmacy 401k, community pharmacy, pharmacist 401k, community pharmacy retirement program, community pharmacy 401k, pharmacy owner
The Cardinal Show was a great place to debut Pharmacy401k! We were able to talk and show thousands of independent pharmacy owners how to maximize saving for retirement and how to attract, retain, and reward their most valuable employees.
If you were there, thank you for stopping by. If you missed us or were not able to attend, here are a few things we learned from pharmacy owners regarding retirement plans.
Read MoreTags: pharmacy 401k, pharmacy retirement plan, community pharmacy 401k