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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.

Securing Your Retirement

Posted by Tyler Campbell on Fri, May 25, 2018 @ 02:07 PM

With all of the recent changes in DIR fees, we have been talking with our clients a lot about uncertainty and the "unknowns" that always seem to creep up when you least expect them. More specifically, how these unknowns can affect the value of their pharmacy in the future, and how they can be prepared for such changes.

One of the things you can always count on in the healthcare industry is change. Between an ever-changing government body, PBMs and innovations in medicine and technology - there is rarely a time when things stayed the same for long. 

At Pharmacy401k, we work with independent pharmacy owners to help prepare for, and navigate, changes that not only affect their bottom line, but the future value of the business they have worked so hard to build. When it comes to the strategies we employ, below are the most common ones we have found help develop wealth outside of the pharmacy. 

  • 401(k) or other retirement plans
    No two people are alike, so why would you settle for a cookie cutter 401(k) plan? Take the time to find a plan that is customized to your specific needs, and one that is beneficial to you and your team. 
  • Learn how to diversify wealth
    Questions to ask yourself include; How Much? When do I start? What strategies should I follow? What order should I put them in? Below are some of the various diversification techniques we use (listed in no particular order) and keep in mind that some may or may not work for you and your needs. 
          - Tax Advantage Retirement Savings
          - Roth Retirement Savings
          - Taxable Investments
          - Real-estate Investing
          - Insurance
          - Other Business Ventures
  • Develop and/or review your comprehensive plan to allow you to maintain your desired income during retirement.
    We offer several tools to help you along your way:
          - Exit Planning
          - Contingency Planning
          - Buy/Sell Agreements
          - Transition Planning
By finding a retirement plan that works for the owner to build wealth outside of the pharmacy, a happy side effect occurs with the pharmacy's most valuable asset - it's people. By providing the right type of retirement plan, you can effectively attract, retain, and reward your most valuable employees.

To get started on setting yourself on the right path to retirement, download our FREE 'Will You Make It?' calculator. This tool helps you determine if there is a gap between the possible income generated by the proceeds of the sale of your pharmacy and the amount of money you will need to enjoy inspired independence throughout your entire life after pharmacy. 

Once you have completed the tool, if your results show that you will not make it, give us a call at 843-873-4420 or you can email tyler@pharmacy401k.com to discuss what you can do today to make sure that you WILL make it. Additionally, if your results show that you will make it, we can still help you review your current plan to see if there are any other options for you to help boost the amount you will have during retirement.

Download the  Will You Make It Calculator


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: employee benefits planning, 401k, savings, will you make it calculator

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