Cash Balance Plan

As a physician who owns your own practice, having an experienced, dedicated, and talented staff is vital for growing your business.

One way to attract top talent is to offer a higher-than-average salary. Another way is to provide sign-on bonuses and excellent employee benefits. This may include high-quality health insurance and life insurance.

A third way to attract qualified physicians, nursing professionals, and great support staff is to offer retirement plans to help employees build their savings and establish future financial security.

That’s where the cash balance plan comes into play.

Unlike traditional pension plans and 401k retirement plans, cash balance pension plans offer a unique savings opportunity for employees. They also offer significant benefits for the employer who provides the plan.

Looking for a new way to attract employees, increase earnings, and make a greater return on your investments?

Physician practice owners can do all those things with a cash balance plan.

401(a)

If you’ve looked into passive income for doctors, you’ve likely learned that retirement plans can be a viable option. Amidst familiar options like the 401(k) and the IRA, you may have come across the 401(a) plan. This article explains everything about this retirement investment option, including eligibility criteria, benefits, and drawbacks. Key Takeaways What Is … Read more

Backdoor Roth IRA

It’s never too early to start planning for retirement.

As a physician, you endure more years of school and training than folks in almost any other profession. That means that by the time you start working, you’re already behind in terms of retirement savings.

So how do you catch up? What’s the best way to start building a retirement portfolio?

If you’ve already maxed out your employer 401k or 403b, it’s time to start looking for other long-term savings vessels to protect your assets.

One great way to fund your retirement is through a backdoor Roth IRA.

Fiduciary Relationship

You might assume an advisor would have your best interest in mind. This isn’t always the case.Different types of advisors are held to different standards of care. What about your financial advisor? Does your advisor have a fiduciary relationship to you? What exactly is a “fiduciary relationship”? Definition of Fiduciary Fiduciary advisors are advisors that … Read more

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