Retirement Plans for Dentists
Retirement plans continue to be the best legitimate tax-sheltered savings programs for doctors. For nearly a half-century, we have prepared thousands of IRS-approved retirement plans for our clients.
The process typically starts with a feasibility study. We will send you a questionnaire to collect information on your practice profitability, how much you are interested in saving each year, and the basic demographics of your staff. Working with our affiliated actuarial firm, we will prepare studies that show how different plan designs are likely to work in your practice. If the results look good, we will prepare documents to get the plan up and running.
To learn more about these retirement plans, you can schedule a consultation, or click below to begin.
What is Covered in Our Retirement Plan Services
Our retirement plans for doctors are designed to meet IRS regulations and legislation. Not only do we set up the original plan, we also maintain and update it as the federal pension laws require.
In particular,
- We gather information from you regarding your goals and objectives.
- Our team processes this information and researches what kind of plan would work best for you.
- A dedicated in-house expert with over 30 years of experience discusses this research data with you.
- Based on the discussion, we arrive at the final set of recommendations for the plan.
- Once we have your approval, we take care of the legal paperwork.
- We send all the documents in an easy to understand package.
- We maintain your plan for the IRS and other legal compliance purposes. We do not charge annual “holding fees” or “maintenance fees” but charge reasonable fees only when specific work is requested or required.
Plan for Retirement with Confidence
Since we do this work for many practices around the country, we are able to keep our fees very reasonable. We are independent and unaffiliated with any brokerage firms, insurance companies or third party administrators. This means that our clients are not locked into costly fee-laden investment platforms. Most of our clients choose to invest through low-cost brokerage firms such as Charles Schwab, Fidelity, or Vanguard. However, our clients are free to open one or more accounts at whichever firms they choose.
We currently sponsor the following IRS-approved plans:
- Profit-Sharing Plan with or without 401(k) Elective Deferrals (Traditional and Roth 401(k))
- Cash Balance Defined Benefit Plan
For 2024, the tax laws permit contributions up to $69,000 or $76,500 for someone age 50 or over making the $7,500 401(k) “catch-up” contribution. If the doctor’s spouse is employed in the practice, then it is often possible for him or her to be allocated a similarly large contribution.
Defined benefit plans, on the other hand, are not subject to the same $69,000 or $76,500 limit. Here, the goal is to accumulate a large sum of money that will fund the participants’ retirement pensions. Depending on one’s age, income and years until retirement, the contributions can be enormous – sometimes well over $150,000 per year.
RETIREMENT CLIENT SUCCESS STORY
"I took Brandon's advice and now realize it was the best decision I could have made."
I would like to share my experience with Collier and Associates to help anyone that is starting a retirement plan or already has one established with an active manager. We had signed up with an investment management advisor and started a 401(k) and Defined Benefit plan, contributing aggressively for the next 8-9 years. The last few years, something didn’t seem right. I was also investing personally in the S&P 500 and my funds were outperforming the managed funds, without paying a management fee.
I called and requested to have a consultation with Brandon Collier since I had always subscribed to his Newsletters and was attracted to the practical advice. He reviewed my entire portfolio and calmly suggested that I leave the management firm, sell many of the poorly invested funds and manage it myself. This seemed to be more than I expected as I explained to him that I didn’t have the time or experience to do that. He suggested making it easy and putting the majority of the funds into the S&P. I took his advice and now realize it was the best decision I could have made.
I now realize that so much money was lost from underperforming funds and wasted on management fees. Meanwhile, the manager continued to get its cut despite doing a sub-par job. Since I have left this group, my portfolio has grown at a rate that it never experienced before. Every year I speak with the plan administrator, and he tells me the same thing every time. My portfolio is doing better than most of the actively managed plans they administer. Don’t fall into the trap of feeling that you need a manager for your retirement plan, and thank you Brandon for your prudent advice and honesty!