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CAPIS Personal Insurance Services
Do You Have a Retirement Plan? Is It On the Right Track?
November, 2005
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Retirement plans are generally designed to reduce current year income taxes while saving for retirement.
There are multiple retirement plan options (especially if you own your medical practice), and these options can vary greatly with respect to the maximum allowable tax deductible contributions, flexibility of annual funding, and the available investment options and benefit guarantees.
The unprecedented federal budget deficit, the very real potential for a major overhaul of the federal tax system in the near future, and the lack-luster performance on Wall Street in 2005, have caused concern about the viability of various private and corporate pension plans (amongst pension participants and plan managers), and their ability to meet the financial expectations of retirees.
Are you one of those concerned? CAPIS may be able to help. With the 2005 tax year rapidly coming to a close, it’s a great time to review your existing plan’s performance and explore additional options. We strongly encourage you to contact us as soon as possible to find out if more suitable options are available for your retirement planning situation and financial goals.
For instance, should you have adequate income and cash flow, you may be able to maximize (increase) retirement contributions on a tax-deductible basis (up to $400,000 annually). Some of these options can not only guarantee future income, but may allow for tax-free benefits.
Remember, you may be able to save more and pay less in taxes by establishing a new plan or modifying an existing one. But don’t wait too long to act: The deadline for establishing a new plan is December 31st if you want a bigger tax deduction for 2005.
Creation of any qualified retirement plan, pension or deferred compensation program should only be done with careful planning that includes the advice of a qualified tax professional. So take the first step and schedule a retirement plan consult and review; just complete the On-Line Retirement Plan Consult Request Form or FAX the Printable Version back to us at your earliest convenience.
Fax: 213-473-8780
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