Should you Set Up a 401(k) for your Dental Practice or Not?
As a dental practice owner, you face a constant stream of decisions, from choosing the right building size to hiring staff and determining what benefits to offer. One major decision that can impact both your team and your business is whether to offer retirement benefits, specifically a 401(k). In a recent episode of The Dentist Money Show, Ryan Isaac joins Kiera Dent of Dental A Team to dive into the ins and outs of setting up a 401(k) for your dental practice. If you’ve ever wondered whether this retirement plan is the right move for your business, this podcast is for you.
What is a 401(k)?
A 401(k) is a retirement savings plan that allows employees to save a portion of their salary before taxes. This type of plan can be a powerful tool for dental practices, offering both employees and employers long-term financial benefits. In the podcast, Ryan and Keira explain the basics of a 401(k), helping practice owners understand how it works and why it might be an excellent addition to their business.
Benefits of Offering a 401(k) as a Business Owner
So, what are the benefits of setting up a 401(k) for your dental practice? Offering a retirement plan can help attract top talent and improve employee retention, both of which are crucial for maintaining a successful practice. Additionally, setting up a 401(k) can have tax advantages for you as the business owner. Contributions you make to your employees’ plans can be tax-deductible, reducing your practice’s overall tax liability. In the podcast, Ryan breaks down these benefits and highlights why a 401(k) can be a win-win for both you and your team.
How to Choose the Right 401(k) Plan for your Dental Practice?
With various types of 401(k) plans available, it can be challenging to determine which is best for your practice. Ryan and Keira discuss how to evaluate your options, considering factors like your practice’s size, financial goals, and employee needs. They also share insights into finding a financial advisor to help you navigate the setup process and ensure you choose the right plan for your practice.
Listen to the full podcast to learn more about whether setting up a 401(k) is the best choice for your dental practice. Click the link below for the full episode and start planning for your team’s future today!
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