Closing the Retirement Gap: A Member Benefit Built for New York Physicians
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- Key Outcome: MSSNY members have exclusive access to PLIP, a life insurance-based retirement strategy with no contribution limits and tax-free distributions
- Why it Matters: High-earning physicians are often locked out of Roth IRAs and face capped 401(k) contributions, leaving a meaningful retirement income gap
- Practice Impact: PLIP offers creditor protection, state tax reduction strategies, and no required minimum distributions, addressing the full financial picture
After years of service and expertise, many high-earning New York physicians find that standard retirement planning tools are less accessible, leading to avoidable tax liabilities. This issue calls for a physician-specific solution.
That’s why MSSNY partnered with Financial Strategies Group, LLP (FSG) to give members access to the Physicians Life Income Plan (PLIP), a tax-advantaged retirement plan designed for physicians’ unique financial pressures.
PLIP uses institutional variable universal life insurance with a focus on accumulation. It avoids income-based limits, required minimum distributions, and early withdrawal penalties before age 59½. Funds grow tax-deferred, are rebalanced and transferred tax-free, and you can access distributions tax-advantaged through policy loans and withdrawals.
PLIP also addresses issues specific to New York physicians, including creditor protection, privacy, state tax reductions, and transition planning for practice sales.
Your colleagues across the state face similar retirement planning challenges. MSSNY is working to ensure the benefits available to you reflect the career you’ve built.
