Guideline, the retirement platform for small business owners, and Heard, the financial back-office for therapists in private practice, announced a partnership to provide retirement plans to mental health professionals.

Setting up a retirement plan can be a source of confusion for private practice therapists, especially for new business owners who are used to having an employer-sponsored plan.

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Retirement planning for therapists

What’s the difference between a SEP IRA and 401(k)? How do you choose a plan provider? How much can you contribute? Are there fees? How is it taxed? When can you take money out?

Without answers to these questions, many therapists forgo contributing to retirement completely. According to a recent survey from the nonprofit Transamerica Center for Retirement Studies in collaboration with Transamerica Institute, one in five self-employed workers aren’t saving for retirement.

Our partnership goals

“We’re excited to partner with Guideline to offer simple and straightforward retirement plans to therapists,” said Andrew Riesen, co-founder and CEO of Heard. “It will enable our customers to invest in their financial future with confidence.”

Like Heard, Guideline is on a mission to make life easier for small business owners and self-employed individuals. They’ve helped over 35,000 businesses set up and manage a simple, powerful retirement plan, and helped individuals save over $7B toward retirement.

Together, we’re helping therapists streamline their finances and savings in order to achieve financial independence, today and in the future.

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Need to set up a retirement plan? Open a new SEP IRA with Guideline and pay no base fee for three months.

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This post is to be used for informational purposes only and does not constitute legal, business, or tax advice. Each person should consult their own attorney, business advisor, or tax advisor with respect to matters referenced in this post.

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