Page 9 - Martin Downs Bulletin - August '19

Martin Downs, Page 9

finAnciAl focUs

Business Owners: You Need Of course, you might think that, one day, you’ll simply plan offers you significant
sell your business and live off the proceeds. But selling
flexibility in making
Your Own Retirement Plan a business isn’t always simple, and there’s no guarantee contributions for yourself
you’ll receive enough to pay for a comfortable retirement and your employees.
By Bryce Buchanan, Edward Jones – which is why you should strongly consider creating a Plus, as an employer, you
As a business owner, you can’t afford to ignore your retirement plan now. can generally deduct, as
competition. You can’t afford to miss out on the trends Here are some of the most widely used plans: business expenses, any
affecting your industry. You can’t afford to alienate • SEP-IRA: You can contribute up to 25 percent of contributions you make
customers. And here’s one more item to add to the list: your compensation – as much as $56,000 in 2019 – to on behalf of your plan
You can’t afford not to create a retirement plan for a SEP-IRA. Your contributions are tax-deductible and participants.
yourself. your earnings grow tax-deferred until withdrawn. This • SIMPLE IRA: In
2019, you can put in up
to $13,000 – or $16,000 if you’re 50 or older — to
volUnteer news a SIMPLE IRA. As is the case with the SEP-IRA,
your earnings grow tax-deferred. You can match your
employees’ contributions dollar for dollar, up to 3
The MAVEN Project Comes which has been a struggle for the clinic. MAVEN has percent of compensation. If you work for yourself, you
can combine employee and employer contributions, so
To VIM Clinic made it possible for the clinic’s providers to connect if you use the 3 percent matching rule, and you earn
with psychiatrists in order to optimize their patient’s
enough to fully match employee contributions, you can
medication management. This allows the clinic to treat put in up to $26,000 per year (or $32,000 if you’re 50
This year VIM Clinic has the pleasure of being a and prescribe in-house, with the help of a psychiatrist, or older). Alternatively, you could contribute 2 percent
part of the pilot of the telehealth system, the MAVEN without having to refer patients to external physicians. of each eligible employee’s compensation each year,
project (Medical Alumni Volunteer Expert Network). In the few short months MAVEN has been up to a maximum of $5,600, regardless of whether the
The VIM Clinic in Stuart is one of four free clinics accessible, the clinic’s primary care providers have employee contributes. Contributions to your employees
across the nation to be chosen, along with Coachella already utilized it in several challenging cases and are tax-deductible.
Valley VIM in Indio, Calif., VIM in Wilkes-Barre, have found it to be a valuable resource. VIM Clinic • “Owner-only” 401(k) plan: If you have no employees
Pa., and Barrier Islands Free Medical Clinic in Johns is thrilled to be a part of this pilot program and plans other than your spouse, you can establish an “owner-only”
Island, S.C. The project will take place over the course to continue employing it in their practice this year 401(k) plan, which functions similarly to a 401(k) plan
of a year and is being sponsored by Becton, Dickenson to enhance the care of the medically underserved of offered by a large employer. Between salary deferral
and Company (BD) and Athenahealth. Martin County. and profit sharing, you can contribute up to $56,000, in
The project is aimed at giving underserved About Volunteers In Medicine Clinic pre-tax dollars, to your owner-only 401(k), or $62,000 if
community clinics access to additional care by Volunteers in Medicine Clinic is a nonprofit you’re 50 or older. Like a SEP-IRA and SIMPLE IRA, a
connecting them to volunteer physicians through the healthcare safety net for eligible uninsured Martin 401(k) provides the potential to accumulate tax-deferred
use of telehealth technology. With this technology, County residents, serving the community since 1995. earnings. However, you could choose to open a Roth
VIM providers are now able to reach out to other Its staff of almost 100 volunteer medical and lay 401(k), which can be funded with after-tax dollars. With
experienced physicians for specialized care involving professionals, 11 employees along with community a Roth 401(k), your earnings can grow tax-free, provided
complex cases. partners provide comprehensive and compassionate you’ve had your account at least five years and you don’t
Although VIM Clinic has a diverse pool of medical care at no charge. To learn more, visit www. start taking withdrawals until you’re at least 59½.
volunteer specialists, MAVEN has gained the clinic vimclinic.net or call (772) 463-4128. Which plan is right for you? The answer depends on
access to all new resources, especially for psychiatry, several factors, such as whether you have any employees
and how much money you can contribute each year.
But all the plans mentioned above are generally easy
Hurricane SeaSon iS coming ... to establish, and the administrative costs are usually
minimal. Most important, any one of them can help
you build some of the resources you’ll need to enjoy
... are your windowS ready? the retirement lifestyle you’ve envisioned. To select an
appropriate plan, you may want to consult with your tax
and financial advisors.
In any case, don’t wait too long. Time goes by quickly,
and when you reach that day when you’re a “former”
business owner, you’ll want to be prepared.
This article was written by Edward Jones for use by
your local Edward Jones Financial Advisor. Edward
Jones, its employees and financial advisors are not estate
planners and cannot provide tax or legal advice.

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