The Optometry Money Podcast

Profit Sharing Demystified: How Optometry Practice Owners Can Maximize Their 401(k) with Matt Ruttenberg

Questions? Thoughts? Send a Text to The Optometry Money Podcast! [https://www.buzzsprout.com/twilio/text_messages/1970676/open_sms] Episode Summary: As your practice grows and profits increase, one of the most powerful tax and retirement planning tools available to optometry practice owners is profit sharing within your 401(k) plan. But what exactly is profit sharing, and how can you optimize it for both you and your employees? In this episode, Evon welcomes back Matt Ruttenberg of Life Inc. Retirement Services to break down everything optometrists need to know about profit sharing contributions. They discuss how profit sharing works, the different methods of calculating contributions, and how practice owners can use this strategy to maximize retirement savings while managing taxes. Whether you’re new to 401(k) plans or you’re ready to level up your retirement savings strategy, this conversation will give you clarity on how to align your plan design with your goals. What You’ll Learn in This Episode: * What profit sharing in a 401(k) plan actually is and why it matters for practice owners * The “three-tier wedding cake” framework of retirement plan contributions * Different methods of profit sharing: * Pro Rata (the simple but costly method) * New Comparability (targeted, strategic contributions that benefit owners most) * How factors like employee demographics, age, and owner wages impact profit sharing efficiency * Why your Safe Harbor match choice (match vs. non-elective) matters when layering on profit sharing * How profit sharing integrates with cash balance plans to supercharge retirement savings * Key deadlines practice owners need to keep in mind before year-end Resources & Links: * Learn more about Matt Ruttenberg and his team: 401k.expert [https://401k.expert] * The Optometry Money Podcast Ep 111: 2024 Mid-Year Retirement Plan Updates and Deadlines Practice Owners Need to Know with Matt Ruttenberg [https://bit.ly/ODmoneypod111] * The Optometry Money Podcast Ep 64: How to Invest Six Digits A Year Into Your Practice Retirement Plans with Matt Ruttenberg [https://bit.ly/ODmoneypod64] * The Optometry Money Podcast Ep 63: Choosing A Retirement Plan for Your Optometry Practice with Matt Ruttenberg [https://bit.ly/ODmoneypod63] Work With Us: Thinking about working with a financial planning firm that specializes in optometry? At Optometry Wealth Advisors, we help ODs nationwide align their practice and personal finances for growth, tax efficiency, and long-term wealth. 👉 Schedule a free, no-pressure intro call here: optometrywealth.com [https://bit.ly/contactOWA] The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.

5 Key Tax Planning Levers Optometrists Need to Know

Questions? Thoughts? Send a Text to The Optometry Money Podcast! [https://www.buzzsprout.com/twilio/text_messages/1970676/open_sms] Tax planning is more than just finding deductions—it’s about pulling the right financial levers at the right time. In this episode, Evon Mendrin, CFP®, walks through the five key areas of a tax return that optometrists and practice owners should focus on when working with their financial and tax professionals.  By understanding these levers, you can reduce surprises at tax time and unlock smarter planning opportunities for both your practice and your personal finances. What You’ll Learn in This Episode: * How to project your income trajectory for the year (and why clean bookkeeping is essential). * Why reviewing your tax withholdings and estimated payments now can prevent big surprises later. * The role of Adjusted Gross Income (AGI) in unlocking or losing out on credits and deductions. * Planning strategies around itemized deductions (and how the new rules on SALT and charitable giving affect you). * How to manage your Qualified Business Income (QBI) deduction as an optometry practice owner. * Using your taxable income and brackets to strategically manage your overall tax liability. * Practical ways to combine these levers—like retirement plans, charitable giving, and reinvesting in your practice—for maximum impact. Resources & Links: * Independent Strong: Understanding the Key Planning Levers in the Private Practice Owner’s Tax Return [https://independentstrong.reviewob.com/index.php/2025/04/08/tax-return/] (Evon’s written guide) * Connect with Evon: evon@optometrywealth.com * Schedule a time to chat at www.optometrywealth.com [https://optometrywealth.com/contact/] * Newsletter: Tax Changes in the 'One Big Beautiful Bill Act' ODs Need to Know [https://bit.ly/EOTMOBBBA] The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.

Four Common Investment Mistakes Optometrists Should Avoid

Questions? Thoughts? Send a Text to The Optometry Money Podcast! [https://www.buzzsprout.com/twilio/text_messages/1970676/open_sms] Episode 146 – Four Common Investment Mistakes Optometrists Should Avoid As an optometrist and practice owner, you’ve got enough on your plate running a household, practice, and career - but what about your investments? In this episode of the Optometry Money Podcast, Evon Mendrin, CFP®, CSLP®, walks through the four most common investment mistakes he sees optometrists make when they come to his firm - mistakes that can quietly cost you over your career. You’ll learn: * Why a “junk drawer” portfolio is not a strategy (and how to create a clear investment approach). * The difference between owning more funds and actually being diversified. * How complexity for complexity’s sake often adds cost and confusion without adding value. * Why simplicity can lead to better outcomes, even for high net worth ODs * Why asset location - putting the right investments in the right accounts - can save you significantly in taxes over time. These aren’t one-off missteps - they’re patterns Evon sees over and over with ODs nationwide, and by avoiding them, you can create a portfolio that’s simpler, more efficient, and better aligned with your financial goals. Resources and Links: * Free PDF Guide: Key Issues to Review in Your Investments [https://bit.ly/ODinvestmentreviewland] * Schedule a no-pressure introductory call with Evon [https://optometrywealth.com/contact/] Other Episodes Mentioned: * The Optometry Money Podcast Ep 61: Should You Invest in International Stocks? [https://optometrywealth.com/podcast/the-optometry-money-podcast-ep-61-should-you-invest-in-international-stocks/] * The Optometry Money Podcast Ep 134: The Case for Index Funds – Why Optometrists Should Embrace Passive Investing [https://optometrywealth.com/podcast/the-optometry-money-podcast-ep-134-the-case-for-index-funds-why-optometrists-should-embrace-passive-investing/] * The Optometry Money Podcast Ep 135: Beyond Indexing – An Optometrist’s Guide to Factor-Based Investing [https://optometrywealth.com/podcast/the-optometry-money-podcast-ep-135-beyond-indexing-an-optometrists-guide-to-factor-based-investing/] * The Optometry Money Podcast Ep 140: What Most Investors Get Wrong About Dividend Investing [https://optometrywealth.com/podcast/the-optometry-money-podcast-ep-140-what-most-investors-get-wrong-about-dividend-investing/] The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.

Four Gaps That Can Break Your Estate Plan (Even If It’s ‘Done’)

Questions? Thoughts? Send a Text to The Optometry Money Podcast! [https://www.buzzsprout.com/twilio/text_messages/1970676/open_sms] Episode Summary: You’ve done the hard work of creating your estate plan. But is it actually ready to work when you need it most? In this episode, Evon breaks down the four critical gaps that can make or break your estate plan's effectiveness — especially for busy optometrists and practice owners. We’re diving into the implementation side of estate planning — those next steps after the documents are signed that so many overlook. Whether you’ve DIY’ed your estate plan or worked with an attorney, this episode will help you spot (and fix) potential breakdowns that could leave your family or practice exposed. 💡 In This Episode, You'll Learn: * Why having signed documents may not be enough to protect your family or business * The #1 mistake DIY estate planners make (and how to fix it) * How to make sure your estate planning documents actually do what you want them to do * Why outdated beneficiaries can completely derail your estate plan * How to organize your digital life — from passwords to email — so your loved ones aren't locked out * When to revisit and update your plan 🔗 Resources & Links: * Click here [https://bit.ly/contactOWA]to schedule a free intro call. * Sign up for [https://bit.ly/estateplanPDF] the Eyes On The Money newsletter and get the Estate Planning Checklist! * The Optometry Money Podcast Ep 81: An Optometrist's Guide to Estate Planning [https://bit.ly/ODmoneypod81] The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.

End of the Interest-Free SAVE Forbearance - What It Means for Optometrists

Questions? Thoughts? Send a Text to The Optometry Money Podcast! [https://www.buzzsprout.com/twilio/text_messages/1970676/open_sms] Episode Summary In this timely episode, Evon unpacks the Department of Education’s recent surprise announcement that interest will resume accruing on the SAVE plan’s current forbearance beginning August 1, 2025. We explore what this means for optometrists managing student loans - especially those approaching forgiveness eligibility or considering refinancing. What You'll Learn * Surprise Announcement: Why SAVE’s interest-free forbearance ends on August 1, 2025, and how to prepare * OBBBA Overview: How this new legislation (effective July 2026) changes income-driven repayment plan options - removing SAVE, PAYE, ICR plans as available options for current optometrists * Repayment Roadmap: How optometrists should evaluate refinancing, staying federal, or switching plans based on degree completion and loan timing * IDR Plan Comparison: Breaking down olcd vs. new IBR, PAYE, and SAVE rules - including repayment terms like 20‑year repayment at 10% of discretionary income * Strategic Tax Planning: Using filing status and extensions (especially important in community-property states) to lock in the lowest monthly payment * Timeline Guidance: When key deadlines hit (Aug 1, 2025; July 2026; July 2028) and how to reconcile existing loans within the new REPAY plan framework Resources Mentioned * Department of Education Announcement [https://www.ed.gov/about/news/press-release/us-department-of-education-continues-improve-federal-student-loan-repayment-options-addresses-illegal-biden-administration-actions] - SAVE Interest Accrual Begins * The Optometry Money Podcast Ep 143: How the Final One Big Beautiful Bill Act Impacts Optometrists – Taxes, Student Loans, and More! [https://optometrywealth.com/podcast/the-optometry-money-podcast-ep-143-how-the-final-one-big-beautiful-bill-act-impacts-optometrists-taxes-student-loans-and-more/] * Click here to Subscribe [https://bit.ly/2025keynumbers] to the Eyes On The Money Newsletter for weekly financial insights tailored specifically to optometrists. * Have Questions? CLICK HERE to schedule [https://bit.ly/contactOWA] a short introductory call The Optometry Money Podcast is dedicated to helping optometrists make better decisions around their money, careers, and practices. The show is hosted by Evon Mendrin, CFP®, CSLP®, owner of Optometry Wealth Advisors, a financial planning firm just for optometrists nationwide.