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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.

Follow your 401k!

Posted by Tyler Campbell on Thu, Jun 21, 2018 @ 04:08 PM

According to a recent study, the average person changes their job 10-15 times during his/her career, many of them spending 5 years or fewer at most of them. Are you one of the many?

When it comes to switching jobs - it is important to not forget about your 401k. Luckily, you have a few options. Remember, it's best to avoid "cashing out" your 401k, as there are excess taxes and penalties of 10% for doing so - not to mention, the damage it may do to your retirement savings goals.

We recommend you consider one of the following options as an alternative. 

  • Keep your 401k where it currently is
    - If you have online access, you should still be able to manage your investments
    - If a plan allows for lower cost options and better performance than your current 401(k), it may be advantageous to stay in that plan as long as possible.
    - Be sure to update your contact information (i.e. address and phone number changes) in case something changes
    - Your assets may be in a high cost platform, where your retirement assets are paying for a benefit that you no longer receive from that company
    Limited benefit and service may be a factor, sense you are no longer an employee

  • Roll over your assets into an IRA and/or Roth IRA

    - Typically will allow you have more investment options
    Often can lower overall cost of investments (but not always)
    - Provides the opportunity to work with a personal financial advisor to reach your retirement goals
    Possibly a little more work upfront to ensure that you are researching and evaluating the advice you are receiving, as well as tracking your contributions, investments, and fees – but this is well worth the work and attention – It is your money after all – and it’s important


  • Roll over your assets into your new employer sponsored retirement plan

    - Ability to manage all of your retirement assets in one place
    - Possible ability to take loans against your 401(k) if needed (if allowed)
    - Possibly have the option to invest in a lower cost platform
    - Possibly limited and high-cost investment options
    - Depending on the company that the 401(k) is with, you may not have regular access to an advisor

 Every person's situation is unique so figuring out which option is right for you might not be easy. For a free 401k situation analysis and tips on best practices, contact Tyler at Pharmacy 401k by calling 843-873-4420 or email tyler@pharmacy401k.com




For more information on our custom approach and to discover your pharmacy's optimal plan, click here to download our company census tool or contact us by emailing tyler@pharmacy401k.com or call Tyler Campbell at 843-720-3756.


Topics: retirement plans, 401k, savings, 401k planning

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