Tax-Smart Retirement Savings Strategies - Part A (w/John Vento, CPA, CFP) [Ep.27]

In this episode you’ll learn:
• How to calculate your specific “Point X” (the point at which you reach financial freedom) and can retire using actual data from your individual situation!
• How to use a Traditional IRA to decrease your taxable income and accelerate your wealth accumulation.
• The pros and cons of a Traditional IRA vs. a Roth IRA and how to determine which is better for your circumstances.
• The tremendous advantages of owning your own practice when it comes to your ability to aggressively save for retirement and reach Point X at an earlier age.
• How to use defined benefit and/or cash balance plans to lower your tax burden AND maximize retirement savings for practice owners and independent contractors.
• How to implement different retirement plan strategies based on your particular practice situation ranging from a one-man show to a group practice.
• The tremendous advantages of employing your spouse and children and how to maximize your retirement savings when you do.
• Retirement savings strategies for older docs to accelerate their ability to get to Point X by using a 401k with profit sharing and a defined benefit cash balance plan.
• How avoiding the Medicare tax alone will more than cover the administrative costs of implementing a qualified retirement plan.

LINKS:
• Link to Part 1 (Important Tax Information for Dentists):  https://www.youtube.com/watch?v=1-EXO-IlQgs&ab_channel=DeLukeOrthodonticCoaching
• Link to Part 2a (https://www.youtube.com/watch?v=tyQTdCy2DxA&t=6s&ab_channel=DeLukeOrthodonticCoaching)
• Link to Part 2b (https://www.youtube.com/watch?v=Tt0yneFair0&t=990s&ab_channel=DeLukeOrthodonticCoaching)
• Link to Part 3a (https://www.youtube.com/watch?v=1-EXO-IlQgs&ab_channel=DeLukeOrthodonticCoaching)
• Point X Calculator (https://www.ventotaxandwealth.com/resource-center/retirement/saving-for-retirement)
• To purchase John’s Book:  https://www.ventotaxandwealth.com/buy-the-book
• You can find more information on John and his firm, Vento Tax and Wealth Management, at www.VentoTaxAndWealth.com.

• See John Lecture at the Greater NY Dental Meeting!  Go to www.gnydm.com and find his courses:
  o 10 Characteristics of Multi-Millionaire Dentists (11/24/23 @ 9am-Noon; 11/29/23 @ 2-5pm)
  o Creating a Financially Successful Dental Practice (11/29/23 @ 9am-Noon)

What is The DOC Podcast?

The DOC Podcast brings you unique educational content taught by Dr. Mike DeLuke, a Board Certified Orthodontist with over 20 years of clinical and academic experience. Dr. DeLuke built his orthodontic practice from scratch in the early 2000s and grew it into a multimillion-dollar enterprise in less than 10 years. He was able to retire from private practice at the age of 46 years old, and now devotes his energy to teaching his colleagues how to succeed both personally and professionally.

Dr. DeLuke has served as a faculty member at numerous hospitals and orthodontic residency programs around the country, including as the cleft craniofacial orthodontist at Albany Medical Center in New York, and as a clinical professor at The University of Connecticut in the Department of Orthodontics. He is presently an adjunct professor at Nova Southeastern University in the Department of Orthodontics.

The DOC Podcast will bring you in-depth discussions and interviews with industry leaders and experts on a variety of topics including clinical excellence, practice management, finance and wealth creation, health and wellness, taxes and accounting, fitness, and much more!