Type of plan defined benefit or defined contribution

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Reference no: EM13336067

Dr. Smith is 50 and doesn't want to practice dentistry past 60. He hasn't accumulated much in the way of retirement assets and needs to make up for lack of saving. He has a staff of 6 employees:

Beth 19 Annual compensation $21,000

Karen 27 30,000

Mary 40 28,000

Monica 55 15,000

Emily 42 40,000

Vanessa 33 30,000

Dr. Smith earns in excess of $275,000 each year. He doesn't want to contribute any more than he has to for his employees as expenses of his practice continue to increase. Monica works 16hrs/wk and Vanessa was recently hired 2 months ago. All the other employees work 40 hrs/wk.

Recommend appropriate program for Dr. Smith.

You should recommend either type of plan Defined Benefit or Defined Contribution(DB vs DC) and if suggesting a DC then further suggest which type of DC plan. An explanation of why you recommend them is what is really important.

Reference no: EM13336067

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