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Rewind: 5 Reasons Why I Don’t Like SIMPLE IRAs for Optometry Practice Owners

20/20 MONEY

Release Date: 09/20/2021

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20/20 MONEY

Welcome to this episode of 20/20 Money! My guest on today’s show is Nathan Hayes. This conversation is a follow up to the episode that Nathan and I did around partnership compensation structures. In that episode, Nathan in passing made a couple of comments around associate compensation structure and the feedback we received from that episode around that specific topic warranted its own show. In this episode, we talk about making sure that associates understand and acknowledge that there’s risk in employing an associate, how to think about the demand of the schedule, give a range of market...

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20/20 MONEY

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20/20 MONEY

On this episode of 20/20 Money! My guest on today’s show is Nathan Hayes. Long time listeners will know that Nathan and I can talk about almost any business subject that impacts optometrists, and today’s topic is no different but it’s one that I think is going to resonate with a lot of OD practice owners: key considerations when evaluating partnerships within your practice. In this conversation, Nathan and I talk about when you should you consider a partner and whether the practice can support it (hint, if you’re below $1.4MM in top line revenue, you’re probably not ready),...

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More Episodes

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.

As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, be sure to subscribe to our newsletter and you can also set up a 20-30min Triage conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, proactively manage cash flow, and make prudent investment decisions or check out any number of additional free resources like our eBooks, blog posts, and on-demand webinars.

Follow us on Instagram: https://www.instagram.com/2020moneypod/ 

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For past episodes of 20/20 Money with full companion show notes, please check out our episode archive here!