As a bright-eyed, bushy-tailed twenty-something, taking on a new career for a company that focuses on such an important topic as retirement (a subject I knew little about) was daunting. I came into the Waypoint family know expecting it to be a learning experience, and I have not been disappointed… to say the least! There are always many new things to learn or understand and this is especially true for retirement plans as they are not at all black and white.   

My approach has been to jump in headfirst. I think this is probably a great way to address your retirement plan because face it, we all want to eventually retire and enjoy as much of life as we can.  The only way to make sure you can retire when and how you want is to get started now. As a young adult, I have just started thinking about my own retirement goals. What kind of plan is best? How much should I contribute? What is my end goal?

In the short time I’ve been at Waypoint, I have learned a lot about retirement plans.

Did you know:

• Most pharmacy owners have a standard retirement plan that doesn't optimize their savings versus contributions for their employees?
• Most pharmacy owners cannot contribute to a ROTH IRA.  This is not the case with a ROTH 401k?
• Most pharmacy 401k plans are over the national average for expenses?
• 401ks can be a great way to save significant amounts of money and attract, retain and reward key employees?
• Most pharmacy owners with existing 401ks do not understand their personal fiduciary responsibilities and the related liability?
• Most pharmacy owners have never performed an annual review of their plan?
• Most pharmacy employees do not understand how to effectively use the pharmacy retirement plan to achieve their retirement goals?
• Most pharmacy 401k compliance reports (Form 5500) are not accurate?

As a pharmacy owner, you may already have a plan in place. If you are not 100% sure it is the very best plan for you and your pharmacy, ask us to provide a complimentary assessment. We will give you a clear picture of where you currently stand and simple steps you can take to ensure your plan is performing in an optimal fashion.

And, if you don’t have a plan in place and would like to review and understand all of your options, give us a call or send an email and we will be delighted to help.