Jan 6, 2020
It’s the start of a new year—the year of optometry!! Let’s start
out 2020 by talking about 5 financial topics that optometrists
should be reviewing both in their personal and professional lives.
We start out by talking about funding your Roth IRAs (especially if
you’re making those contributions via back-door Roth IRA
conversions), HSAs, and 529s and also remind you to adjust your
annual contribution savings amounts into your 401k or SIMPLE
IRAs.
From there, I talk about the importance of making sure that your
chart of accounts is accurate, which will give you an accurate
profit/loss statement to analyze in your practice to determine
areas of the practice in which you can make incremental
improvements over the course of the year. It’s also the time of
year to determine if and how much of a profit sharing contribution
you may consider making within your practice’s retirement plan and
why this is the time of year to determine whether your plan is set
up to maximize your own wealth building potential. I wrap up the
conversation talking about the recent passage of the SECURE Act and
why the recent passage of that legislation should give you reason
to revisit your beneficiary designations, especially if you have a
trust named as a primary or contingent beneficiary.
Maximum Benefit and Contribution Limits for Retirement
Plans
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