Maximizing Retirement Options
In a meeting with a doctor the other day we saw an opportunity for him to maximize his retirement contributions far beyond his 401k limits in his hospital job. He pays his wife who works in his family practice as the office manager and assistant. We setup a Simple IRA account for the company which created a great benefit for his employees with minimal cost to him as the employer. His wife maximized her contribution to the plan ($11,500 per year), we then put him on payroll, all of which he will contribute to to his Simple IRA. Since he is over 50 he can contribute $14,000.00 per year. With the 3% match that the company provides they will be able to contribute almost $29,000.00 to their retirement plan along with what he is contributing to his 401k at this full time job.