The new SECURE Act rules dictate that inherited IRAs need to be distributed within a 10 year time period. There are a number of other changes implemented with the SECURE Act, but
oday’s world is full of do-it-yourselfers, and rightfully so due to our access to information. Anything from house repairs to car repairs to investing can be done on your own, but the question I ponder is, “Is it worth it?” There are some things we can do on our own that we simply choose not to
Dave makes two big assumptions that I believe can be devastating to an individual’s retirement
Paying for college can easily be one of the biggest expenses that parents will incur during their lifetimes. Although it is likely to cost a significant amount of money, it isn’t much different from other major purchases that
Ask a high income earner who works in the medical field and they’ll likely say that taxes are one of their biggest financial concerns. Accounts like a Traditional IRA, 401k, 403b, deferred comp and Roth IRAs (aka “tax shelters”) give investors tax benefits for investing in them. Does that mean that a regular taxable account is bad for medical professionals?
I have had a number of questions recently from federal employees and middle-class families wondering how they will be affected by the new tax law. There are a few changes that are going to affect federal employees and the middle class, and the end result will likely be a reduction in the amount of taxes paid.
Fast forward many years later, and I still have a tendency to do things myself. The main reason I clean my own cars, wax my cars, clean the house, and do the yard work is because I’m tight (or frugal, to put it politely). I don’t like the idea of paying others to do something that I am able to do.
One way procrastination hurts us is the timing of our Roth IRA contributions. Roth IRAs are a common retirement savings tool, especially for younger generations. The timing of Roth IRA contributions can be a big factor in retirement savings.
One of the biggest obstacles to accumulating wealth is what I call Lifestyle Creep. Lifestyle Creep can delay retirement, financial stability, and financial independence. At its worst, lifestyle creep can drive families into large amounts of debt that they will spend decades climbing out of. Others have referred to it as lifestyle drift or lifestyle inflation.
Layering your life insurance involves getting multiple term policies to cover different time periods. The thought behind is that you won’t need the same amount of death benefit for a 20 or 30 year time period, but will need less insurance as you get older. Layering your insurance could mean having 3-4 different policies with terms of 10, 15, 20, or 30 years.
One question I am asked quite frequently by young physicians in residency is, "where do I start? Would you recommend buying a disability policy, even though we are strapped for cash right now? How important is it that I make payments on my student loans right now?”
Home purchases are arguably the biggest purchase we will make in our lifetime. It is very common for a young physician coming out of residency to be facing this decision head on. There are a number of questions that you need to ask yourself when making that very big purchase.
While most medical residents welcome their first independent job as a physician with open arms (and rightly so!), there are also many challenges that come with their rise in income. While these challenges are much better than the challenges a resident faces on a $50,000 salary they should not be ignored.
Many medical students pile up student loans through under grad and medical school. A 100k or even 200k balance can seem insurmountable for a resident, but is this way of thinking accurate? I have found that most residents choose not to make payments on their student loans while they are in residency.