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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4480
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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I'm a physician employer in Orange County, CA with 6

Customer Question

I'm a physician employer in Orange County, CA with 6 employees and one of them being my wife. I have currently $250k in our corporate bank account that needs to be balanced out. I'm 50 years old with no structured retirement plan. What's the best option for me regarding a retirement plan considering we are trying to keep as much money as possible in our pocket. Where would we go to implement it in a most cost effective manner? To maintain non-bias please consider this question as a consultant only not as someone who would implement it.
My employees ages and income for 2015 are as follows:
Female,32, 57k,
Female, 27, 66k
Female, 30, 22k (hired this year)
Female, 42, 96k (office manager)
Female, 43, 49k (hired 8/9/13)
Female, 43, 34k (terminated but worked over 500 hours last year)
Female, 38, 50k, (my spouse)
Myself, 50, 240k
Submitted: 11 months ago.
Category: Finance
Expert:  Rakhi Vasavada replied 11 months ago.

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

I take you as self-employed. Being self employed, you have more and better options as well. Exactly which option, or combination of options, is best depends on your personal financial situation.

You have options to choose between solo 401(k), to Simple IRA to Roth.

However, I believe, being a small business owner, SEP IRA will suit you the best.

SEP stands for simplified employee pension, and this kind of account is used primarily by the self-employed or small business owners. As the employer, you can contribute up to 25 percent of your income or $53,000, whichever is less, in 2015. These accounts are easier to set up than a solo 401(k). If the business has employees, the employer must contribute for all who meet certain requirements.

Just to have a comparative idea, you may read about other type of accounts at :

http://money.usnews.com/money/personal-finance/articles/2014/12/19/7-retirement-savings-accounts-you-should-consider?page=2

I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,

Expert:  Rakhi Vasavada replied 11 months ago.

Hi,

If this has helped, I would humbly request you to kindly leave a positive rating and oblige.

Warm Regards

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