Therapy Practice Basics: Retirement Plans for a Sole Practice

Therapy Practice Basics: Retirement Plans for a Sole Practice

“Gosh, I’m so glad I started saving up for retirement years ago!”~ Future You, many years from now Do you ever put on a clean pair of socks, or pull a clean bowl out of the cupboard for breakfast, and silently thank “past you” for setting yourself up for success? Now think about that tiny little mood boost and imagine multiplying it by 10,000. That’s what you just might feel like after retiring, knowing that your retirement savings are so strong that they might survive the complete annihilation of Social Security. (We all know that Social Security isn’t going to…
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Retirement Plans for Yourself and Employees

Retirement Plans for Yourself and Employees

Watch on YouTube: The phrase “retirement plan” may send you into a panic attack, but setting one up for you and your employees is an important way to ensure that your people (and yourself) are taken care of in the long run. Let’s push through the panic and get you started with some retirement plan basics. Our goal here is to give you some base-level familiarity with retirement accounts. This article can prepare you for a future conversation with a financial advisor who has your own best interest at heart (the legal term for this is fiduciary duty). Retirement plans…
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SEP-IRA Contributions: Everything You Need to Know

SEP-IRA Contributions: Everything You Need to Know

https://youtu.be/Xjew60bp-9Y Have you established a SEP-IRA and are wondering if you’re doing it right? Or perhaps you’re considering establishing a SEP-IRA for you and your employees. Or maybe you’ve never heard of it or otherwise don’t know what a SEP-IRA is. Don’t worry, we’ve got you covered. What Is a SEP-IRA? Let’s start by spelling out the cumbersome acronym: SEP-IRA stands for Simplified Employee Pension - Individual Retirement Account. You’ve probably heard of IRAs before, but even if you haven’t, here are some basic facts about IRAs and SEP-IRAs: First, let’s talk about the two different types of IRAs and…
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