5 Exceptions to the 59 1/2 Rule: Guide to Early IRA Withdrawals

November 18, 2024August 9, 2024 by Justin Nabity

While your individual retirement account (IRA) is designed to support you in your golden years, life’s unpredictability may necessitate accessing your retirement funds earlier than planned. Typically, early withdrawals from IRAs incur a hefty 10% penalty, but there are a few exceptions to this rule that can provide some financial flexibility in times of need … Read more

How to Report Form 8606 Backdoor Roth IRA

November 18, 2024July 20, 2024 by Justin Nabity

A Roth account is a popular option for IRA contributors, mainly because of its tax benefits. While account holders save towards retirement, they also get to enjoy tax-free growth and withdrawals upon retiring. Yet, a Roth IRA account can be limiting for most high-income earners such as physicians, due to the IRS income limit. Based … Read more

Is Kaiser Pension Worth It? What Physicians Should Know

November 18, 2024July 11, 2024 by Justin Nabity

With the unique challenges that you face as a physician, from hefty student loan debt to complex compensation structures, it’s important to consider all aspects of your financial planning, including retirement benefits. One option that has garnered attention in recent years is Kaiser’s pension plan, providing guaranteed income, healthcare benefits, and inflation adjustments. But is … Read more

How Much Should I Have for Retirement? Amounts Explained In Detail

November 18, 2024July 11, 2024 by Justin Nabity

How much you should have in your retirement savings accounts depends on many intricate factors. For example, how early do you want to retire? How much do you currently have in your retirement account? Moving on, what is your pre-retirement annual income? Do you plan to have a small job in the future, or will … Read more

Trust vs. Will: Making Informed Choices for Your Estate Planning

December 20, 2024September 9, 2023 by Justin Nabity

Estate planning is a critical aspect of financial preparedness, often overlooked until it’s too late. This process involves making decisions about how your assets will be managed, preserved, and distributed after your passing, ensuring the well-being of your loved ones and the fulfillment of your wishes. At the heart of estate planning is the comparison … Read more

Can Physicians Have Cool Cars and Houses and Still Retire Early?

August 11, 2023December 10, 2021 by Justin Nabity

Car doctor with stethoscope in a car showroom talking on the phone

Amongst people who don’t work in medicine, it’s a common misconception that all doctors drive expensive luxury cars and live in big, fancy houses.

But as a physician, you know that’s not always the case.

Perhaps you know a few physicians who are always driving the newest Cadillac or speeding off to their fabulous weekend vacation home in their brand new Benz. However, just as many physicians are perfectly content driving a Chevrolet, Mazda, or Subaru.

Some physicians choose to live modestly so they can save more money and retire early. Others prefer to splurge on cars, homes, and luxury items that lower-income earners only dream of.

So the question is this:

Can physicians have cool cars and houses and still retire early?

The good news is:

Yes, it is possible to find the happy medium between spending on luxury items and saving enough to retire before the age of 65.

Retirement Accounts – Should I or Should I Not Rollover?

August 5, 2023June 30, 2021 by Justin Nabity

As physicians change employers, they face the “rollover” decision – to move their retirement accounts or leave them. Here are some key considerations when facing that choice. When you change jobs, everything you need to take with you can usually be packed into a couple boxes for your move. Everything except your employer-sponsored retirement plan. … Read more

A Financial Advisor’s Review of Infinite Banking

November 26, 2024June 28, 2021 by Justin Nabity

When most people need a loan, they apply for a line of credit through a traditional bank and pay that loan back, over time, with interest.

But what if you could take a loan from yourself? What if you could avoid the big banks altogether, be your own bank, and supply yourself with your own line of credit?

For physicians and other high-income earners, this is possible to do with infinite banking.

Infinite banking isn’t for everyone, but it does provide some unique benefits. Here’s a financial advisor’s review of infinite banking and all the pros and cons involved.

7 Alternative Jobs for Physicians

October 9, 2023April 25, 2021 by Justin Nabity

Are you burnt out from years of working long hours? Do you want to step away from clinical practice?

You’re not alone. Many doctors suffer from burnout.

After all, practicing medicine is demanding work. It certainly doesn’t have the best work-life balance of any career out there. A lot of physicians come to a point where they want to change career paths.

But, a career change can seem daunting. What field are you supposed to go into after working as a doctor?

Luckily, there are plenty of alternative jobs for physicians! Whether you’re a rookie or a veteran, there are a ton of challenging and fulfilling jobs you can move into. You can put your expertise to work in places other than direct patient care.

Which Physician Specialties Retire Early?

November 27, 2024April 6, 2021 by Justin Nabity

Though it sometimes doesn’t seem feasible, physician retirement is possible. And for physicians in certain specialties, retiring early isn’t just a dream — it’s a reality.

Some specialties, particularly those with a shortage of physicians, have a high rate of doctors well over retirement age.

Yet, others tend to see physicians retiring earlier in their careers.

Whether you’re a medical school student deciding on a specialty or a practicing physician who has been planning for decades, there are some ways to retire earlier than you may think.

Today we’ll answer the question that so many physicians, residents, and medical students want to know:

Which physician specialties retire early?

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