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.

The Complete Guide to Physician Retirement Planning

June 20, 2023October 1, 2020 by Justin Nabity

If you want to enjoy your retirement years, you’ll need to have a savings plan in place. Because doctors are some of the highest-earning Americans, most new physicians assume that saving is easy.

However, that’s not necessarily the case. Unless you establish a solid retirement plan, you might not have enough to support yourself in your golden years. Among every age group of physicians, this is the #1 concern when surveyed according to the 2018 Report on U.S. Physicians’ Financial Preparedness.

Physician retirement planning can be complicated. With so many options to choose from, deciding on how to invest your money can be overwhelming. From 401(k) plans to IRAs and stocks, there are many different ways to save for your future.

Long Term Care Planning for Physicians

June 27, 2024September 11, 2020 by Justin Nabity

In many ways, financial planning is a process designed to help investors deal with the inevitable messiness of life. Such as unforeseen illness, sudden career shifts, unexpected windfalls, and all the difficult decisions that come with these changes. As we age, we all become more likely to develop health conditions that affect our independence, mobility, … 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

Your Comprehensive Review of the ADP 401k

October 18, 2022September 6, 2019 by Justin Nabity

As a physician operating a small practice, it’s important to provide your employees with the benefits they deserve. One of the most desirable benefits is a sound retirement plan.

The ADP 401k plan is a well-known option, in part because it’s one of the largest providers offered by a national leader in payroll and retirement services.

But is it the right plan for you?

Perhaps you’re ready to create a new retirement plan for your employees. Maybe you’re looking to change from the plan you currently have.

ADP retirement services are an option worth considering, yet they certainly get mixed reviews.

Today we’re taking a hard look at the ADP 401k plan.

Keep reading to learn everything you need to know before deciding if the ADP 401k plan is right for your practice and employees.

The Pros and Cons of Paying Off Your Mortgage Early

December 10, 2024May 21, 2019 by Justin Nabity

Most people dream about the day they finally pay off their mortgage. After years and years of monthly payments, it feels pretty good to sign that last check.

So, you’d think that paying off your mortgage early would make sense, right? If you’re a physician with a hefty monthly salary, wouldn’t you want to pay it off ASAP?

Well, not necessarily.

If you have the means, it’s tempting to pay off your debts in one lump sum and stop worrying about monthly payments.

However, paying a lump sum (or a series of lump sums) isn’t always the way to go.

In fact, it might even be detrimental to your finances. Depending on your situation, it may or may not be a good option for you.

Retirement Plan Options

November 18, 2024April 30, 2018 by Justin Nabity

Our constant approach to serving physicians is education. In light of this approach, Physicians Thrive wanted to share some information regarding all the options for managing retirement plans from former employers. Keep the Old 401K or Rollover into your New Employer’s Plan Each 401k provider has a “menu of investments” that participants can choose from. … Read more

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.

Read more

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

June 27, 2024August 8, 2016 by Justin Nabity

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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.

The Doctor’s Life Podcast Episode 026- The Correct Way to Withdraw Your Retirement Funds

November 14, 2022May 16, 2016 by Justin Nabity

Do you know there is actually a correct way to withdraw your retirement funds? You’ve been throwing money in so many investment vehicles over the years. Now that you’re ready to capitalize on that money, make sure you withdraw your retirement funds the correct way.

Nick Schneider is back in The Doctor’s Life Podcast studios to run us through withdrawing your retirement funds. 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?”

Retirement Plan for Doctors

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