Want to reach your retirement goals in the shortest time possible? And avoid the rapidly growing IRS audit risk? If so, you need to optimize your retirement plan funding using IRS-approved plans, says Mario Santiago, CPA, CFP^®, a tax and business planning advisor with McGill and Lyon Dental Advisors.* Fortunately, sky high inflation in 2022 dramatically increased the tax-deductible contributions available to make that easier.

While virtually all doctors have some type of retirement plan, fewer than 25% are reaping the maximum benefit, since they either have the wrong type of retirement plan, or poor plan design, says Santiago. Only about half of doctors are receiving the maximum 2023 contribution under their 401(k) or other defined contribution plan ($67,000 if under the age of 50, or $73,500, if 50 or older). To achieve this contribution level while