New Dental Practice
Q: I’m a dentist starting a new practice, and I’m researching retirement investment firms. What should I look for and how can CDG help me?
A: First — congratulations. You are already ahead of the game.
Planning for retirement is not just for those over 50. Retirement planning is for everyone. Too many Americans — and far too many dentists — have inadequate savings because they began planning too late.
Ask yourself, “What will I live on, and what will I live like, when I retire?” It is never too early to ask these questions.
In addition to the obvious – to build a nest egg for yourself — there are several other advantages:
- You can build your savings in a pain-free manner by deducting contributions of your taxable income while deferring taxes on the growth of your assets
- Start early so that the phenomenon of compounding can achieve maximum effectiveness
- An attractive plan can help attract and retain good employees
Start saving now. The phenomenon of compounding over time is simply too advantageous. The point is, start early. Our Retirement Program Specialists can walk you through the numbers.
There are many plans, many nuances and numerous considerations. This question cannot be answered here. Every dentist is unique and every dentist has specific retirement needs.
Again, our Retirement Program Specialists will walk you through our plan options to help you choose the one that is most appropriate for you.
However, you should understand that there are two main categories of retirement plans: Qualified and IRA.
Qualified plans can be favorable because you are able to decide, year by year, what percentage of each eligible person’s earnings will be contributed to the plan and, depending on the plan, these contributions can be discretionary.
You may elect not to make a contribution to your plan for a particular year. Depending on your objective, you can select a plan design that is weighted more heavily toward yourself. There are plans in which the employees contribute to their individual retirement plan as a salary deferral, and you match their contribution.
As you can imagine with government programs, there are plenty of ifs, ands or buts to sort out, but this is not as daunting as it sounds. Our Retirement Program Specialists know all the right questions to ask in order to place you in a plan that is best for you.
And IRA is for individuals, not groups. The contributions can still be tax-deductible and tax-deferred. The Roth IRA is unique in that the contributions are from net income and the proceeds are not taxed upon your retirement.
Our government has made it more desirable than ever for you to facilitate your retirement. If you do have a plan, make sure you contribute to it.
For more information and a complimentary retirement analysis, please
call (800) 851-0008.
For more information and a complimentary retirement analysis:
Ask for Elizabeth E. Clark, our Chief Executive Officer.
Elizabeth will speak with you about your investment needs, and introduce you to our Retirement Program Specialists.