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Supervised
Financial Services retirement plan
professionals are able to assist independent contractors,
self-employed physicians, and small medical groups
design, implement, and manage a variety of available
retirement plans, including:
- IRA
- Individual Retirement Account
- Defined
Contribution plans such as:
- 401(k)
& Profit Sharing Plans
- Solo 401(k) Plans
- Simplified
Employee Pension (SEP IRAs)
- Other Non-qualified
Plans
- Defined
Benefit Plans (including 412(i) plans and traditional
pension plans)
Comparing Retirement Plan options
Choosing
the right plan often involves making decisions about
which plan features suit your circumstances.
Each of the linked tables below
outline some key differences between several types
of plans.
Rules of thumb for retirement plans
- The
maximum deductible contribution between all defined
contribution plans is based on a percentage
of net income, up to a maximum of $42,000 annually,
as of 2004.
- The
maximum deductible contribution for defined
benefit plans is a function of age, years to
retirement, and desired retirement income.
Annual tax-deductible contributions limits are based
upon a providing a maximum retirement benefit of
$170,000 per year.
- Contributions
for a given tax year can be made up to the tax return
filing deadline including extensions, but some
plans must be established by to December 31st
of the year for which they are active.
- Special
integration rules apply when more than one
type of retirement plan is used.
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