Monday, August 22, 2011
PROFIT-SHARING WITH NEW COMPARIBILITY PLANS; PENSION DOCTOR SAYS “HEALTHIER FOR PROFESSIONAL PRACTICES”
3:54 PM | 
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pensionfinancialservices |
If you run a small practice of any kind, IS YOUR RETIREMENT DOCTOR IN? Are you taking care of your fiscal self?
Your first test is: have you looked into Profit-Sharing with New Comparability Plans?
We talked about our friend the doctor who funded his and his staff’s retirement plans using a SEP in our last blog post – and contrasted what he had in his pocket at the end of a hypothetical five-year period. With the SEP, he had approximately $215,000. With the Profit-Sharing with New Comparability Plans he had almost $290,000. Consider- with compound interest, what this looks like in ten years.
Why is the New Comparability more attractive?
When an employer’s salary and age is much different than an employee’s, it always pays to consider a Profit-Sharing Plan with New Comparability. Many of our small professional practices are glad they converted their existing SEP plans to Profit-Sharing with New Comparability. Although both plans provide similar tax benefits, the contribution cost and long-term savings vary significantly.
Let us make it a lot easier to digest by going through YOUR practice’s scenario. Call Pension Parameters @ 732-583-1313 and ask for Kevin McCormack.
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