Making the Most of Your Practice’s Retirement Plan

Josh Kegley of Retirement Plan Consultants was a guest on the IPWM The Dose podcast hosted by Adam Cmejla. 

Adam and Josh talked about how to utilize a qualified retirement plan like a 401k to maximize the benefit to the practice owner. The podcasts starts out discussing how changing the match to a safe harbor is the easiest way to allow practice owners to maximize their own contributions as well as the nuances of the safe harbor match.

Next, the podcast dives into the details on the other side of the qualified plan, which is the profit sharing plan. We discuss the various different types of profit sharing plans, including:

  • Integrated
  • Cross-tested (new comparability)
  • Age weighted

Characteristics of a practice that would be a good fit for each of the plans mentioned above as well as some of the different questions to consider when determining if, when, and how much of a profit sharing contribution to make.

The podcast touches on the impact that profit sharing contributions have on qualifying for the new Section 199A deduction (commonly called the “QBI deduction”).