Back in September, we briefly reviewed some differences in various 401k and IRA plans, and have since been asked to provide some more information on each of the plans. Below is a combined review of the SEP-IRA, Individual 401k, and SIMPLE IRA.  We will review pros and cons, as well as key points of differentiation between each of the plans. 

As a reminder, 401k and IRA plans are subject to numerous and complex rules, regulations and tax qualification requirements. Be sure to consult with a qualified professional before making ANY decisions or changes to your 401k or IRA.

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Attention pharmacy owners! Do you know the details of your 401k? Are you 100% positive that the plan you are offering is the best one for you and your employees? Or, are you simply going with one that was cheap and easy to set up?

If you don't know the basic ins-and-outs of your 401k it could be costing you BIG. In this blog, we are going to be reviewing basic concepts of common 401k plans and providing you with important things to keep in mind when reviewing your 401k plan options. 

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401K OWNERS

If you are the pharmacy owner, there are a multitude of benefits for implementing a 401k for your team.

• 401k plans help attract and retain valuable employees
  Recent studies have shown that the younger generation prefers certain benefits, such as a 401k, over a salary increase. 
• Your contributions are tax deductible
• Different plan options are available (click here to see if you have the best plan for you)
• Tax credits and other incentives may reduce starting costs

Additionally, we would like to address some misconceptions, for those employers who do not offer a 401k.

First and foremost, setting up a 401k for your employees is a pretty painless process. We will help you pick the plan that is best for you and your team, and will take care of all of the legwork. We will also help you to organize and manage the plan year to year, so you don't have to worry about finding the time. Lastly, the cost to set up and offer a 401k to your employees is less than you may think. There are plans available, specifically for small businesses, and we can show you a cost comparison to help you pick the right plan for you.

We also offer you and your team a variety of other services:
- Financial planning assistance for you AND your employees enrolled in the 401k
- One-on-one advice with one of our 401k advisors
- A better, overall, customer experience
- Advice on ways to help you enjoy independence, inside, outside, and after your life in the pharmacy
- New and unique ways to help attract, retain, and reward valuable employees
- And more!

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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?

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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.

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One of the things we always talk about is how the ONLY thing we can control in the market is how long we spend in it.

If you are one of the people who started saving for retirement when you were 16, congratulations, you will probably be just fine. For the rest of us, we tend to put our eggs in too few of baskets. For example, if you are depending on the sale of your pharmacy to fund your retirement, you may want to consider some alternative options.

Below is a video about our Will You Make It Calculator Tool (downloadable for free below) for you to use to determine if, by selling your pharmacy, you will have enough to live the life you want after pharmacy.

Click below to watch our video!

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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.  

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