Starting Your Dental 401k Plan
Retirement Benefits for Your Dental Practice
Today, I want to share with you a video case study highlighting the benefits of a 401k retirement plan. In the 2023 DentalPost Salary Survey, 74% of dentists and 68% of dental hygienists indicated benefits were “very“ to “extremely” important to them with retirement plans being one of the top 2 benefits sought.
First the benefits to the employees (including the owners):
- In 2023, contributors can defer up to $22,500 of their income annually, which can reduce their current taxable income or future taxes if choosing the Roth option
- Safe Harbor contribution of 3% for eligible employees, providing a matching contribution that saves even more for retirement.
- Can add an annual profit-sharing contribution depending on the practice’s success.
- Create a retirement nest egg
The benefits to employers:
- Attract and retain staff
- Save significantly on taxes
401k plans can attract and help retain top talent, and also provide a sought-after employee benefit.
Overall, implementing a 401k retirement plan can be a win-win situation for both employers and employees. If you’re interested in learning more about how a 401k plan could benefit your company and employees, reach out and let’s chat. Already have a 401k plan? We offer complimentary benchmarking and a review of your 401k.
What other case studies or topics would you like to see us review? Let us know.
