Mega Roth Conversions – The Basics If you want to get more money into a Roth IRA than what you can normally do, then you may want to think about doing a large, or mega, Roth conversion with after-tax money. This mega Roth conversion strategy could allow you to add an additional $36,500 into a Roth […]
3 Retirement Accounts for the Self-Employed
If you are self-employed or a contractor at a hospital, here are three accounts that you should consider setting up. Solo 401(k) or Individual 401(k) for the Self-Employed I like the Solo 401(k), also known as the Individual 401(k), because it offers the most flexibility. You get an employee and employer contribution totaling $55,000. Plus, there […]
What is a 457 Retirement Plan?
What is a 457 Retirement Plan? A 457 deferred-compensation plan is a pre-tax savings plan that is similar to a 403(b). They’re usually tied to hospitals and allow you to defer more income than you’re already putting in your 403(b). With a 457 retirement plan, you can contribute up to $18.5k if you’re under 50, […]
401(k) & 403(b): Know the Differences
It’s important to know the differences between retirement options. In this video, I discuss the key points you should know about 401(k)s and 403(b)s. 401(k) vs. 403(b): The Similarities Both plans allow for pre-tax contributions, they allow for employers to match a contribution, they both make you wait until 591/2 to draw from them without […]
5 Physician Financial Challenges
Doctors are among the highest-paid professionals in the country, but that money needs a plan to become true wealth. Here are 5 physician financial challenges to watch out for, and how to keep them from undermining your wealth potential: Physician Financial Challenges: Lifestyle Inflation Doctors are well aware of the sacrifices it takes to make […]
