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Kon Litovsky
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Offering flat fee retirement plan advisory and investment management services to solo and group medical and dental practices
Offering flat fee retirement plan advisory and investment management services to solo and group medical and dental practices

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Retirement Plan Calculator

As a solo contractor, a small practice owner, or a partner in a group practice, you will definitely want to consider a retirement plan to minimize your tax liability and to save for retirement. While the types of plans available for solo contractors and small practice owners are nearly identical, the cost of your plan can vary significantly. Asset-based fees are rarely in your favor, so it is always a good idea to try to minimize these types of fees in favor of fixed/flat fees. This calculator was designed to compare these very different types of fees side by side so that you can evaluate the long term effect of fees on your investment portfolio.

http://retirementplanhub.com/retirement-plan-cost-calculator/
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It is well-known that the majority of retirement plan providers that serve the small and mid-sized retirement plans are bundled platforms that make most of their money via asset-based fees. Many plan providers do not offer the best available solutions to small solo and group practice plans, and this often means sub-par plan design and lack of any fiduciary or compliance services, which leads to higher plan cost and can potentially result in unnecessary expenses later on. Even those providers who are open-architecture tend to charge significantly higher fees for small solo and group practice plans relative to what the larger plans pay for the same services. However, it is definitely possible to get the best available plan services at a lower cost. The problem is that the information on how to lower your plan cost and improve the service quality can be hard to come by because plan providers are not fiduciaries, and they are not working in your best interest, so they don’t have to get you the best plan money can buy. The article below describes five ways to significantly reduce your plan cost, especially if your practice has an older plan with significant assets.

http://litovskymanagement.com/2017/08/reduce-practice-retirement-plan-cost/
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My article for Dentaltown Magazine on how to decide whether a SIMPLE IRA or a 401k Plan would be best for your medical or dental practice:

http://www.dentaltown.com//Dentaltown/Article.aspx?i=403&aid=5625
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Pooled vs. Participant-directed 401(k) plans article I wrote for Dentaltown:
http://www.dentaltown.com//Dentaltown/Article.aspx?i=393&aid=5411
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