We all want to retire at some point, right? But how do we save enough money to retire or work because we want to, not because we have to? Mr. John Vento, my CPA, is also a Certified Financial Planner who offers his advice on how to take advantage of tax-favorable strategies to maximize your retirement savings so you can retire sooner than you may have thought!
In this episode, John will discuss:
• 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 Important Tax Information for Dentists: 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.