Sep 20, 2021
Welcome to a Rewind episode of 20/20 Money! It’s September, which means that it’s the time of year when practice owners should be reviewing their current retirement plan and determining if it’s the same type of plan that they want to have serving their practice into the next year. This was a popular episode around this time last year, so I’m bringing it back for another listen.
Choosing a retirement plan for your optometry practice is an important decision and it’s one of those processes that can often be put on the back burner by ODs. It’s common for us to see mature practices still utilizing a SIMPLE IRA in their practice and, when asked why they still use a SIMPLE IRA, a common answer we hear is “Because it’s much cheaper than a 401(k).” This is also advice that we see being shared in online communities as well.
In today’s conversation, I want to share with you five reasons why the SIMPLE IRA is not the long-term retirement plan solution for your practice, backed up with specific examples and case study illustrations and projections.
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