Hope For Small Physician Groups
Small groups don’t have the economies of scale nor the resources to set up a cost effective retirement plan. All too often, small groups have to pay large group fees to get a plan that is designed specifically for their needs. MedAmerica Financial Services has a plan for you!
Back in 2005, at the request of a small physician group who appreciated the potential of these specialized plans, MedAmerica Financial Services designed a pair of low cost retirement plans specifically designed for small hospital based physician groups. As of mid 2009, 6 small physician groups have begun to realize the benefits of the small physician group plan:
Benefits:
- Meets all regulatory requirements of the Internal Revenue Service and Dept. of Labor
- Allows individual physicians to shelter as much as $90,000 in their retirement plans and save over $35,000 in yearly taxes! For a group of ten physicians, collective tax savings may amount to $250,000 annually!
- Allows physicians to invest in virtually any liquid asset.
- For a group of ten physicians, annual fees for startup plans will average about $3,500 over the first three years! (Let’s see, spending $3,500 while potentially saving $250,000 in taxes???? That’s a good trade!)
- Easy start up and implementation
Drawbacks:
- Unfortunately (for the group), the plans allow so much saving that physicians may opt to retire early. Sorry!
Need more information, check out the Small Group Retirement Plan Detail