I am starting a new position with a private group that offers 49K/year in profit sharing, Can I use this money to pay for LTD and/or Life insurance both of which the group doesn't offer. Also, is there any other mechanism to defer money for retirement? I will be an employee of the group. Thanks

Zip Code: 19106

While Profit Sharing monies cannot be used to purchase disability insurance, a percentage of your contributions can be used to purchase life insurance (if the plan document allows for it).

Depending upon your situation and the type of insurance that you want to purchase, it may or may not make sense.

There are many ways to reduce your taxable income and/or defer taxes, however, as an employee, you are very limited to what the practice offers.

You might consider a Non-Deductible IRA with plans to convert it to a Roth, cash value life insurance, municipal bonds or annuities.

If you would like to discuss your situation or learn more about "Own-Occupation" disability insurance, feel free to call or send me an email.

You can even insure your new guaranteed salary before you start the job as long as you have a signed employment contract.

Larry

Zip Code: Lkeller@physicianfinancialservices.com