We partner with advisors who provide financial and tax consulting for physicians, dentists and small medical practices. Traditional Defined Benefit plans work best for the solo practitioner or doctor with spouse or family practices. When a medical practice includes common law employees, we recommend our OwnersPlus™ Retirement Program which combines a Cash Balance plan with a Safe Harbor 401(k)/Profit Sharing plan.
Dr. Charles, age 53, is an independent ER doctor with a C-corporation. She pays herself $350,000 in W-2 salary annually. She is looking for the maximum tax deduction and believes she can sustain this level of income for the next 5-10 years.
When she retires or terminates the plans, she will roll the assets
into an IRA where they continue to grow tax-deferred until withdrawn.
Dr. Smith has an Internal Medicine practice with 4 employees. She pays herself $305,000 in W-2 and wants to maximize her own tax savings, while controlling the cost of employee benefits.
Solution: OwnersPlus Cash Balance Plan + Safe Harbor 401(k) Profit Sharing Plan
97% of the contribution will go toward Owner’s retirement