My wife just started as an attending in a private practice. The owner offers a "Keogh plan," which is administered as a "Merrill Edge Self-Directed BASIC Retirement Account (https://olui2.fs.ml.com/publish/content/application/pdf/GWMOL/BASIC-account-agreement-program-description-MESD.pdf)." I'm trying to figure out more about this plan and how it will fit in with her other plan (a 403(b) through the university where she takes one clinic a week). As far as I can tell, "Keogh plan" is not used much anymore, and is best described as a "qualified plan," specifically, of the profit-sharing variety (https://www.irs.gov/pub/irs-pdf/p560.pdf). Her employer told her he will put 10% of her salary into the plan (and will reduce her salary by this amount; as far as I understand it, that changes it to a 401(k), but whatever floats his boat). I also understand this will be part of the $54k rule, so we have to make sure that this Keogh plan and her 403(b) doesn't add up to more than $54k a year.
Is there anyone out there that is familiar with this type of plan that can give me some insight?
How about anyone who knows how to most effectively to use a Merrill Edge account to get money into a Vanguard fund, or some other suitable, low-cost fund?
Thanks!
Is there anyone out there that is familiar with this type of plan that can give me some insight?
How about anyone who knows how to most effectively to use a Merrill Edge account to get money into a Vanguard fund, or some other suitable, low-cost fund?
Thanks!
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