Episode #61

20/20 Money Episode #61 – 5 Financial Steps Optometrists Should Take in the Beginning of the Year

January 6, 2020

It’s the start of a new year—the year of optometry!! Let’s start out 2020 by talking about 5 financial topics that optometrists should be reviewing both in their personal and professional lives. We start out by talking about funding your Roth IRAs (especially if you’re making those contributions via back-door Roth IRA conversions), HSAs, and 529s and also remind you to adjust your annual contribution savings amounts into your 401k or SIMPLE IRAs. From there, I talk about the importance of making sure that your chart of accounts is accurate, which will give you an accurate profit/loss statement to analyze in your practice to determine areas of the practice in which you can make incremental improvements over the course of the year. It’s also the time of year to determine if and how much of a profit sharing contribution you may consider making within your practice’s retirement plan and why this is the time of year to determine whether your plan is set up to maximize your own wealth building potential. I wrap up the conversation talking about the recent passage of the SECURE Act and why the recent passage of that legislation should give you reason to revisit your beneficiary designations, especially if you have a trust named as a primary or contingent beneficiary.

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