Welcome to this episode of 20/20 Money! Today’s show is all about retirement plans and specifically whether (and when) an optometrist might consider switching from a SIMPLE IRA to a 401(k).

During the show I first start by laying the foundation and going over the basics of how 401(k)’s and SIMPLE IRAs work, specifically as it relates to some of their small but significant differences. I share the differences in matching formulas as well as the total contribution limits that apply to both of them.

I then talk about when in the timeline of one’s practice would you consider moving from a SIMPLE IRA to a 401(k), how the Roth 401(k) works, some of the additional responsibilities that exist with 401(k)s along with resources to help you absorb those responsibilities, and the timeline that’s important to be cognizant of when considering “upleveling” your retirement plan. I also touch briefly on the Solo/Individual 401(k) and how that compares to the SEP IRA.

As a reminder, you can get all the information discussed in today’s conversation by visiting our website at www.integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 15min pre-discovery conversation to learn a little bit more about what it means to work with our firm or check out any number of ebooks or other resources that we’ve written and are available for download.

And with that introduction, I hope you enjoy this episode of 20/20 Money!

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Riding the repricing wave, with Himani Trivedi of Nuveen