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When you sign up for our weekly newsletter, you'll know about our latest blog post and podcast episodes; each one containing important financial tips and tidbits for doctors and medical professionals. You can also stay up to date on our podcast by downloading the Financial Clarity for Doctors Podcast wherever you find podcasts.

Cash Balance Plans Pros and Cons

Cash Balance Plans Pros and Cons

We get many questions from business or practice owners and self-employed individuals about ways to save on taxes. Assuming they are putting the maximum allowed into a 401k (many are not), a cash balance defined benefit pension plan can be a great option to implement for additional retirement and tax savings. Today we will look at the cash balance plan pros and cons so you can decide if this is something worth exploring.

Retirement Planning for 1099 Income: Solo 401k vs. SEP IRA

Retirement Planning for 1099 Income: Solo 401k vs. SEP IRA

“My CPA says I need to set up a SEP!” When I hear that, I usually reply, “Congratulations! Typically, when I have someone asking about SEP, I know their business has reached a point where they could benefit from setting up a SEP… or for that matter a Solo 401(k), SIMPLE IRA, or Keogh plan. Did your CPA mention any of these? Or perhaps discuss the difference between a Solo 401k vs. SEP IRA?”

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