{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"The 401(k) rules have changed. Has your retirement plan?","description":"If your practice has been using the same retirement plan for years simply because \u201cit works,\u201d you may be leaving valuable planning opportunities on the table.   On this episode of 20\/20 Money: The Business of Optometry, I\u2019m joined by Jared Porter, co-founder of 401GO, for a practical conversation about how much the qualified retirement plan landscape has changed\u2014and why optometric practice owners should periodically reevaluate whether their current plan still fits their business. We discuss why SIMPLE IRAs may no longer be as \u201csimple\u201d or advantageous as many owners assume, how technology has reduced much of the administrative burden historically associated with 401(k) plans, and why payroll integration should be one of the most important considerations when evaluating a provider. We also unpack some of the planning opportunities created by recent retirement-plan legislation, including startup and auto-enrollment tax credits, increased contribution opportunities, plan-design flexibility, and the ability to use profit-sharing contributions as part of a broader tax and cash-flow strategy. Jared and I also dig into an increasingly popular strategy: the mega backdoor Roth. While it can be valuable in the right circumstances, we explain why after-tax contributions aren\u2019t automatically available\u2014or advantageous\u2014for every practice owner and how required nondiscrimination testing can quickly change the math. This episode isn\u2019t about convincing every practice owner that they need a 401(k). It\u2019s about understanding the options available today so you can make an educated and informed decision about whether your current retirement plan is still the right tool for your practice, your employees, and your own financial independence.   Some of the topics we cover include: Why SIMPLE IRAs can become limiting as a practice grows How modern 401(k)s differ from the plans many owners remember from years ago Payroll integration and what \u201c360-degree integration\u201d actually means Auto-enrollment requirements and recent retirement-plan legislation Tax credits that may offset the cost of establishing and operating a plan Matching versus safe-harbor non-elective contributions Using profit sharing as part of a practice owner\u2019s tax strategy Why plan design should begin with the end in mind Roth 401(k)s, after-tax contributions, and the mega backdoor Roth The testing requirements that can derail an after-tax contribution strategy   NBS (Next Best Step): Pull out the details of your current retirement plan and ask your advisor to evaluate it based on today\u2019s rules\u2014not the assumptions that were true when the plan was originally established. Specifically, review your contribution limits, employer contribution structure, payroll integration, investment flexibility, administrative costs, available tax credits, and whether profit sharing could improve your overall tax and retirement strategy.   Have a podcast-related question? Contact our team here!   Resources: 401GO Link: 5 reasons why I hate the SIMPLE IRA Book a Triage call with Adam Download the Practice Owner's Financial Toolkit 20\/20 Money Ultimate Financial Success Masterclass OD Mastermind Interest Form Check out Adam's book: How to Buy an Optometry Practice   \u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014 Please rate and subscribe to 20\/20 Money on these platforms Apple Podcasts Spotify \u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014\u2014 For past episodes of 20\/20 Money with full companion show notes, please check out our episode archive here! ","author_name":"20\/20 MONEY: The Business of Optometry","author_url":"https:\/\/www.integratedpwm.com\/","html":"