Are Veterinarians Ready $$ For Retirement

Are You Ready $$ For Retirement? Mark J. McGaunn, CPA/PFS, CFP® President MJM Financial Advisors, LLC 114 Turnpike Road, Suite 107 Westborough, MA 01581-2861 phone: (978) 405-3133 e-fax: (978) 776-2609 e-mail: [email_address] web: www.mjmfa.com

Retirement Agenda ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Retirement Over Time ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Fidelity Study ,[object Object],[object Object],[object Object],[object Object],[object Object]

April 2007 Poll… So, 51% more need to work part-time

More Gallup Data ,[object Object],[object Object],[object Object],[object Object],[object Object]

Putnam Investments Survey ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

McKinsey Retirement Study ,[object Object],[object Object],[object Object],[object Object]

Preparedness ,[object Object],[object Object],[object Object]

Rules of Thumb ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Hence, “The Bucket Theory” Veterinary Practice(s) Value 401(k) SEP IRA Trad. IRA ROTH Taxable Savings (Trusts) Practice Facility & Other Real Estate

Retirement Success Inclusion ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Reasons why DVM’s/MD’s fail: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

General Success Rule ,[object Object],[object Object]

Why Should Your Plan Be Different? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Fast Forward to Year 1973 ,[object Object],[object Object],[object Object]

Global Retirement Portfolio ,[object Object],[object Object],[object Object]

Your ERISA Fiduciary Status ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Mandatory Fiduciary Tool ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Good IPS Fund Selection Criteria ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Monitoring Process ,[object Object],[object Object],[object Object]

Retirement Plan Future ,[object Object],[object Object],[object Object]

New or Improved? ,[object Object],[object Object],[object Object],[object Object]

401(k) Plan Limitations ,[object Object],[object Object],[object Object],[object Object]

Type of 401(k) Plans ,[object Object],[object Object],[object Object],[object Object]

“Safe Harbor” 401(k) Plan ,[object Object],[object Object],[object Object],[object Object],[object Object]

“Permitted Disparity” 401(k) Plan ,[object Object],[object Object],[object Object]

401(k) Plan w/ “Permitted Disparity”

“New Comparability” 401(k) Plan ,[object Object],[object Object],[object Object]

“New Comparability” 401(k) Plan ,[object Object],[object Object],[object Object],[object Object]

Two Great, Low-Cost 401(k) Plans

Defined Benefit Plans (DB) ,[object Object],[object Object],[object Object],[object Object],[object Object]

Underlying Risks Abound… ,[object Object],[object Object],[object Object],[object Object],[object Object]

Three Scenarios! ,[object Object],[object Object],[object Object],[object Object],Saving the ‘ee regular 401(k) limit provides good complement to practice value =OK, could be better A . B. C.

50 year-old practice owner Makes a $15,500 annual 401(k) contribution for 12 years until retirement Still has potentially $475,000 at age 70 (moderate portfolio allocation). B

Same 50 year-old practice owner Contributes max. $15,500 annual 401(k) contribution for 12 years with $5,000 catch-up contribution plus a corporate match of up to $29,000. Potential $1.4 million (moderate portfolio allocation). C

How to get it out? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Minimum Required Distributions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

So, Practice Owners Need To: ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Contact Information ,[object Object],[object Object],[object Object]

Are Veterinarians Ready $$ For Retirement

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