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.

It may be late in the year, but it’s not too late to switch your 401(k) and save more in 2018! Just like your patients dealing with Open Enrollment, it’s important to review your plan every year to make sure that you have the Best Plan For You! 

A Safe-Harbor 401(k) retirement plan provides the most flexibility and benefit for business owners.

A Safe-Harbor allows owners, and participants alike, to defer the maximum IRS limit to a 401(k) without being dependent on the deferrals of other employees. Furthermore, without a Safe-Harbor in place, owners can be limited to the amount of income that can be saved in their personal 401(k) account per year. Here are some government-mandated deadlines to keep in mind when reviewing retirement benefits. 

Over the past few years, under the pretext of making your life easier, some of the largest payroll providers have been aggressively obtaining the administration portion of 401(k) plans.

Want to help your business stand out to potential future employees – and provide incentive for your current ones to stay? Try providing financial planning assistance! It may be hard to believe, but even in today’s world of near infinite and easily accessible knowledge, the vast majority of people do not know how to prepare for retirement or just how much money they need to save. 

In today’s world of finance, simply providing the benefit of retirement savings for employees is no longer enough.

Memorial Day: honoring the ultimate legacy

With Memorial Day approaching, our team has been thinking about, and discussing what each of our legacies will be. Specifically, we’ve been figuring out what it would take to put the finances in place to create a legacy that our family, friends and – if possible, our community – will benefit from. We’ve also been looking at what could derail our plans.

Spring Cleaning on your 401(k)

This time of year can be exciting and filled with new opportunities. This year, in between doing your Spring chores and your taxes, be sure to take time to sit down and evaluate your plans for retirement. When looking at your balance within your 401(k) it is common for people to think, “Wow, I could do a lot with that money now.” Maybe for you it is the thought of a nice vacation, a new car, upgrades on your house, or this seasons newest “must have” toys.  

2017 IRS Limits for Popular Pharmacy Retirement Plans

Now that we are well into the start of a new year, it is always nice to take a moment to review government regulation changes.  The most popular retirement plans for independent pharmacies across the nation are 401(k)’s and various IRA’s, and the following are the updated limits that one can contribute and defer into these plans for the 2017 calendar year.

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: