How Much Money Do You Need to Retire?

June 27, 2024August 19, 2016 by Justin Nabity

“So, how much money do I need to actually retire?”

The question of retirement came up when we were at the American Academy of Ophthalmology conference in Chicago speaking with a group of eye surgeons. The moment it was asked, I was thinking to myself how am I going to give him a simple answer for this because are so many variables that come into play. He was looking for an exact number. For any fee only financial planner out there, we all can share the same sentiment…it’s like where do we begin, which layer do we start with.

Is there a specific dollar amount that has to be achieved in order to be able to make it? You may have heard $3M or $5M or some other number. Well there are two different numbers to consider. There’s the amount you must have saved by retirement and there is the total amount of spending over the course of retirement with the latter being much more significant.

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Mid-Year Tax Changes That Will Help You

August 22, 2022August 16, 2016 by Justin Nabity

Making mid-year tax changes can completely change your outlook for the year

Mid-year tax changes are a great way to make sure you’re even with the government come tax season. Remember, if you get a large refund, you’ve given the government an interest-free loan straight from your pocket!
One of the easiest ways to reduce your household income tax liability is to maximize your contributions to tax-deductible vehicles such as 401k, 403b, 457b plans.

Each of these allow you to put away $18,000 which means you could take a tax deduction of $54,000. How much tax would this save you if you were in the 35% income tax bracket? That would be $18,900. Simply by shifting your income from once place to another can provide that much tax relief.

So what happens to the growth inside of these accounts and the income that you can take in retirement?

The Doctor’s Life Podcast Episode 039- Do You Need a Contract Review?

June 27, 2024August 15, 2016 by Justin Nabity

dl-podcast-partnership-track-leaving-job

Are you getting paid what you’re worth? Receiving a contract will always make you a bit excited. Be it your first contract or your 12th in your career, it always elicits some emotion. Maybe it’s that raise you’ve been looking for or a piece of the partnership you’ve been fighting for. The problem is lawyers … Read more

The Doctor’s Life Podcast 038- How Much Money Do You Need to Retire?

June 27, 2024August 8, 2016 by Justin Nabity

Retirement Plan for Doctors

It’s that number we started wondering about years ago- How much money do you need to retire? Is there actually an exact number? And for a doctor, you started in your practice at least ten years after many started their careers.

Justin Nabity is in The Doctor’s Life Podcast studio to see if he can answer the question.

All episodes of The Doctor’s Life Podcast are available here, iTunes, Android, and on SoundCloud. Make sure to subscribe and you will be the first to get new episodes of The Doctor’s Life Podcast.

Disability Insurance With an Exam…or Without?

June 27, 2024August 4, 2016 by Justin Nabity

DI Exam

This topic comes up all of the time when doctors are considering the question of, what is the best way to get disability insurance (DI). Does it really matter? Does it affect the cost? How about what they include in the plan? Is there any difference?

First let’s discuss what is a medical DI exam in this setting? Just as with any individually owned insurance, in most cases you have to meet with a nurse where they get your physical measurements, ask your health history questions and usually get a blood and urine sample. A simple physical is really all it is. Insurance companies require this because they are trying to get an idea how they should rate you? Either at the best rates or somewhere down the list.

What are they evaluating in the samples?

The Doctor’s Life Podcast Episode 037- Do You Need Disability Insurance?

June 27, 2024August 1, 2016 by Justin Nabity

Do You Need Disability Insurance?

So do you need disability insurance? As many doctors move from in-training to practicing right now, there is a (very!) significant jump in salary. You’ve heard all about disability insurance. You’ve probably wondered, ‘Do you need disability insurance?’

Dave Swan is back on The Doctor’s Life Podcast to tell you what you need to know about disability insurance and if you may need it. All episodes of The Doctor’s Life Podcast are available on iTunes, Android, and on SoundCloud. Make sure to subscribe and you will be the first to get new episodes of The Doctor’s Life Podcast.

Why Do You Need a Financial Planner?

June 27, 2024July 27, 2016 by Justin Nabity

Financial Planner Tips

We all have things we want to accomplish in life. If you’re like most, you’ve spent some time thinking about these things. Initially, it’s as simple as deciding on what area of medicine you want to practice. Beyond that, it usually consists of putting together a more detailed list of the things you want to accomplish. Or a list of the goals you have. Here are some financial planner tips!

As a physician, you’ve spent countless hours preparing and training for your profession. A lot of times, the idea of taking care of the financial essentials can seem overwhelming. Whether it’s making sure the contract you’re offered is fair or getting the adequate amount of disability insurance, each one of these things. Along with funding any other goal for that matter, can feel like just another item to take care of. And one more thing you can check off your list.

I would suggest however, there’s a better way to approach these things and all your goals for that matter, so you don’t sell yourself short.

The Doctor’s Life Podcast Episode 036- Minimizing Your Taxes

November 14, 2022July 25, 2016 by Justin Nabity

With it being mid-summer, a lot of people don’t think about minimizing your taxes. But right now is the perfect time to evaluate where you’re currently at for the year so your taxes aren’t a complete surprise next year.

Justin Nabity is in The Doctor’s Life Podcast studio with answers to questions you will have when you are leaving your current employer. All episodes of The Doctor’s Life Podcast are available on iTunes, Android, and on SoundCloud. Make sure to subscribe and you will be the first to get new episodes of The Doctor’s Life Podcast.

What Do You Do About Your Job When Your Life Changes?

June 27, 2024July 18, 2016 by Justin Nabity

Job and Life Changes

There are so many ways your life can take a turn, a change in direction. Which sends you down an entirely different path than you were going on. What do you do with your job when this happens? You might’ve launched your career years ago and have built up a great patient base with the years ahead looking bright because of all the hard work put in.

It could be a management or ownership change that impacts the culture where the environment goes from being “the work you enjoy” to “the work that pays the bills.” In other cases it might be a business change which impacts reimbursements. Or how you are compensated. These are the risks of being in the business world and we are all susceptible to them.

What about a scenario where the needs of your family change. When you joined the practice you might have been single. Then got married. Had a couple of kids. Both spouses may be working and that family support which you didn’t need now becomes a “top-of-the-list” concern. How do you pivot at that point?

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The Doctor’s Life Podcast Episode 035- Why Is Financial Planning Important?

June 27, 2024July 18, 2016 by Justin Nabity

Why Financial Planning is Important

If you are currently with a financial planner or not, you’ve still wondered “Why do financial planning?” You wonder if you are maximizing your investments or even your own paycheck.

Dave Swan makes his debut on The Doctor’s Life Podcast to tell you what you should expect with financial planning and what work you need to put in to make sure your financial planning is reaching its potential. All episodes of The Doctor’s Life Podcast are available on iTunes, Android, and on SoundCloud. Make sure to subscribe and you will be the first to get new episodes of The Doctor’s Life Podcast.

“So, how much money do I need to actually retire?”

Making mid-year tax changes can completely change your outlook for the year

Retirement Plan for Doctors

DI Exam

Do You Need Disability Insurance?

Financial Planner Tips

Job and Life Changes

Why Financial Planning is Important

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