Best flexible retirement plan for self-employed doc

[michaelrack]

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I have a bunch of old retirement plans (457, 403b, rollover IRA) from previously employment. Currently my major source of income is from my medical practice, I contribute to a SEP IRA through AIG VALIC; my practice is a sole proprietorship. Current income is mostly 1099, expect to in future also receive K1 income through my ownership in several sleep labs/rehab centers.

Are there are any retirement plans that I should look into that are more flexible than a SEP? I want to contribute at least $35,000 a year ( I contribute a little more than this currently) and have the ability to borrow from my account.

thanks

 

[TexasPhysician]

A Solo 401k can be more flexible than a SEP, and depending on your age, a solo 401k may allow you to deposit more than a SEP.

 

[The White Coat Investor]

I have a bunch of old retirement plans (457, 403b, rollover IRA) from previously employment. Currently my major source of income is from my medical practice, I contribute to a SEP IRA through AIG VALIC; my practice is a sole proprietorship. Current income is mostly 1099, expect to in future also receive K1 income through my ownership in several sleep labs/rehab centers.

Are there are any retirement plans that I should look into that are more flexible than a SEP? I want to contribute at least $35,000 a year ( I contribute a little more than this currently) and have the ability to borrow from my account.

thanks

I agree a solo 401K is a great choice. Depending on income level and age you may be able to contribute more than a SEP-IRA (up to $49K/year.) You may also be able to do a backdoor Roth for you and your spouse for another $10-12K/year (depending on age.) Above and beyond that you may want to consider a defined contribution plan of some type or simply taxable investing.

P.S. AIG VALIC? Really? Any particular reason you chose to use a high-fee company? Why not Vanguard or Fidelity?

http://www.fool.com/personal-financ...s-your-retirement-plan-robbing-you-blind.aspx