Which retirement plan is best for doctors?
11th Oct 2023
During turbulent times, doctors remain good prospects for a tax-advantaged plan.
Defined Benefit and Cash Balance retirement plans allow high income self-employed doctors and owners of small medical practices to make the largest tax-deductible contributions each year, often $150,000 or more. Dedicated DB’s personalized service and easy setup process simplifies opening a new plan. Now is a great time to contact doctors or their accountants, who are thinking about tax planning at year end.
What are the advantages of Defined Benefit plans for physicians?
- Provides the largest contributions each year, often $150,000 or more
- All contributions for these plans are tax deductible in the year they are paid
- Starting as late as age 52, a physician earning $305,000 can accumulate $2.67 million in 10 years
How can you identify doctors who fit the profile?
Physicians in certain specialties are more likely to be self-employed, have few employees, earn high income or side income like receiving 1099(s), and need tax solutions. They may include:
We’re happy to talk about any prospect or client situation. Call 866-269-2706 or email us at DBplans@dedicated-db.com
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