Strategic Insights: Choosing the Right Retirement Plan for Your Practice

Many thriving practices have uncovered that implementing a Retirement Plan as part of their growth strategy is a key way to attract and retain top talent, driving their success. When choosing a Retirement Plan, there are several important factors practice owners should consider, including:

• Employee Demographics and Participation – Factor in the age, income levels, retirement goals, and likelihood of participation of employees.
• Administrative Complexity – Some plans are more complex than others and require more time and resources to administer and comply with regulatory requirements.
• Affordability – Consider the costs of setting up and maintaining the plan, along with employer contributions and tax incentives. Keep in mind that some plans allow for more flexibility with employer contributions than others.
• Future Growth – Think about how the practice will grow and change over time. It is important to choose a plan that can scale with the growth of the practice.

As a member benefit, AOA members have access to complimentary consultations with Nathanael Kelley, senior Retirement Plan Specialist for Equitable Financial, an AOAExcel-endorsed business partner. Nathanael has worked directly with hundreds of AOA members to help them determine which Retirement Plan best suits their practice needs. Learn more and schedule your complimentary consultation today.