What Physicians Should Know About 457 b Deferred Compensation Plans

October 18, 2022October 12, 2020 by Justin Nabity

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You’re never too young to invest in a sound retirement plan. Most physicians are around 30 by the time they finish training and start practicing medicine. Getting that later start makes it crucial that you start saving for retirement early on in your career.

But with so many investment options and retirement plans to choose from, it can be difficult to determine which one is best.

Most physicians working as employees of large hospital groups will have the opportunity to invest in a 403b or 401k. Many physicians working for governments and tax-exempt organizations will have the opportunity to invest in a 457(b) plan instead.

Not sure how the 457(b) works?

Here’s what physicians should know about 457(b) deferred compensation plans.

How Much Disability Insurance Do Physicians Need?

August 22, 2023August 28, 2020 by Justin Nabity

Malpractice insurance, auto insurance, health insurance, business insurance, homeowner’s insurance: physicians are required by law to carry various insurance policies. Many other important insurance policies are completely optional.

And one of those optional insurance policies is disability insurance.

Yet as a physician, you shouldn’t think of disability insurance as an option at all. That’s because it’s one of the single best ways to protect your finances and protect your income.

But how much disability insurance do you actually need? When should you get it? Do you need it forever?

Today we’ll be answering the question that many physicians have: how much disability insurance do physicians need?

Education Planning for Your Children

October 21, 2022August 21, 2020 by Justin Nabity

Creating a college fund for children or grandchildren is a common financial goal among physicians. With a 529 plan, you can build up a nest egg for tuition, while also taking advantage of a variety of tax perks. A 529 plan is a tax-advantaged account designated to save for education costs. Also known as “qualified … Read more

6 Current Events That Are Shaping How You Invest Your Money

June 27, 2024July 1, 2020 by Justin Nabity

Specially written for PhysiciansThrive.com by: Reina Jewel. Keep reading to learn about what events are affecting how you invest your money. A few months ago, we posted about concerning market trends and news. The market was showing signs of decline, and many people were selling assets in something of a panic. And even then, it … Read more

How Physicians Can Avoid the Tax Trap Triangle

October 18, 2022June 16, 2020 by Justin Nabity

At Physicians Thrive, there is one investment pitfall that we see physicians struggle with so often, we gave it a special name: The Physician Tax Trap Triangle. The Tax Trap Triangle describes an imbalance of three key tax-advantages within a retirement portfolio. It also poses a critical risk to physicians’ long-term financial stability. What is … Read more

5 Steps to Organize Estate Documents for Your Executor

August 7, 2023May 28, 2020 by Justin Nabity

5 Steps to Organize One of the greatest gifts you can provide for your loved ones is careful planning and organization of your estate documents. In preparation for your passing. During a time of grief, it can be incredibly stressful for your executor to identify and locate all your most important paperwork and assets. While … Read more

The Market and News Have Me Worried

October 18, 2022March 10, 2020 by Justin Nabity

What should I do with my investments right now? Over the past 12 market days, the S&P 500 has dropped 17.5%. There is a global health crisis. Oil prices have dropped 45% YTD, 30% in just one day. Interest rates have plummeted. Given the above, it’s natural for people to be concerned (even frightened) about … Read more

Choosing the Right Executor for Your Estate

June 27, 2024February 19, 2020 by Justin Nabity

When it comes to estate planning, most physicians are familiar with the importance of establishing a legal will. However, many doctors overlook another key aspect of estate planning: choosing an executor for your estate. Accordingly, an executor is the person legally responsible for fulfilling the deceased’s financial obligations and for overseeing the distribution of assets … Read more

What does the SECURE Act mean for physicians?

June 27, 2024January 21, 2020 by Justin Nabity

The new year is bringing major tax changes for some physicians, as the Setting Up Every Community for Retirement Enhancement (SECURE) Act takes effect. For instance, they passed the SECURE Act into law in December 2019 as part of the new government spending package, and it contains legislation intended to make retirement planning more accessible, … Read more

What is a Residual Disability Insurance Rider?

October 19, 2022October 28, 2019 by Justin Nabity

Physician’s insurance can have complications.

Just when you think you understand what disability insurance is all about, you learn that’s there’s yet another curveball: optional riders. While most policies may seem straightforward, there are almost always optional add-ons that can provide you with even more benefits.

Today we’re focusing on disability insurance and the residual disability insurance rider.
What it is, why you need it, and what it covers.

Keep reading for our full guide to the residual disability insurance rider.

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