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setting up retirement account

  • 1.  setting up retirement account

    Posted 03-28-2018 15:44
    Hi All,
    I have a Geriatrics practice for 5 years. However, I am looking at phasing out in next 10 years due to onerous regulations from Medicare. I wanted to set up a retirement account for myself and my employees (4).
    What is the best way to do it? How to maximize my savings?

  • 2.  RE: setting up retirement account

    Posted 03-29-2018 09:22
    I'm setting up a matching plan for my employees this year too.  I've been using Vanguard for years so I just called them to help me set it up.  I have an accountant that does my taxes, so I had spoken to him as well.  If you don't have an accountant, it might be reasonable to pay for their opinion of the type of plan and how your practice is structured for tax purposes.

  • 3.  RE: setting up retirement account

    Posted 03-30-2018 06:38
    This is not quite on topic but I'm wondering if you have considered and have access to joining an ACO.  It has helped somewhat in my community to make dealing with Medicare regulations less onerous.  Getting patients to come for annual wellness visits (and getting reimbursed for alcohol and depression screenings) has helped my practice thrive with 50% Medicare visits.

    Rajesh Soni
    Soni Family Medicine
    Fountain Hills AZ

  • 4.  RE: setting up retirement account

    Posted 03-31-2018 07:14
    I am interested in joining an ACO and I am in Arizona. 

  • 5.  RE: setting up retirement account

    Posted 04-01-2018 16:21
    This link contains a map that can be used to find ACOs in your area.  There appears to be contact info for each one.

  • 6.  RE: setting up retirement account

    Posted 04-02-2018 10:09
    Hi all
    We paid our accountant to set up a simple IRA with Vanguard:

    Choosing a Retirement Plan SIMPLE IRA Plan | Internal Revenue Service

    Jessica Rongitsch, MD, FACP
    Capitol Hill Medical
    Seattle, WA

  • 7.  RE: setting up retirement account

    Posted 04-03-2018 04:15
    Did a SIMPLE IRA w/ Fidelity (Fidelity only because was easier to figure out how to do on my own vs Vanguard, at least at that time. SIMPLE because best fit how I wanted to contribute to employees accounts vs SEP etc)

    Jeff Huotari, M.D.
    BlueSky Health
    138 W. Highland Rd., Suite 950
    Howell, MI 48843

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  • 8.  RE: setting up retirement account

    Posted 04-03-2018 06:34
    You guys are wonderful to your employees!   I run everything on such a shoe string.  I have  5 hr a week person Billing is outsourced  So I have been  doing a SEP so I can contribute a lot and it lowersmy  awful-anyway taxes     If I live to retire I will have plenty  I have no money now though.. ANy way with a SEp after three yrs of an employee's employment you have to offer them the same percentage you yourself put in Gets expensive Though I pay mine far more than they can  make anywhere else around    With a simple  I forget you can offer less which may be more manageable
    Noone has stayed 3 yrs with me as they all need either more hrs or have a full time job as well and it is too much But I just hired back my favorite MA and in three yrs I have to  make some decisions

    OFF TOPIC MIKE inNY will get mad at me
     what on earth  do you guys do with all these water bottles ( now sent instead of kool packs which were easier to give  to patientsand kool packs and stytrofoam vaccine containers??   Subtitled Jean hates everythong about vaccines:)

    Jean Antonucci