What is a 457b Plan & How Should Physicians Use It?
A 457b plan is a tax advantaged retirement plan similar to a 401k or 403b, but the 457b plan has a few differences you need to be aware of.
The Physician’s Guide to Student Loans, Public Service Loan Forgiveness and More
Student loans, federal student loan forgiveness, and Public Service Loan Forgiveness are all hot topics these days, especially if you have as many loans as the typical resident. The average med school graduate owes $250,990 in total student loan debt. Yikes! That amount of debt is daunting no matter how much you expect your eventual salary to be.
WHAT PHYSICIANS SHOULD KNOW ABOUT DISABILITY INSURANCE
Why Disability Insurance is Important: Protecting Your Greatest Asset. As a physician one of your greatest assets is your ability to earn a substantial income once you have completed your training and residency, and you should protect it with disability insurance. Most physicians will graduate with a healthy amount of student loan debt from years of schooling, likely totaling in the hundreds of thousands of dollars. And while this might be a daunting amount to have to pay back, the opportunity to earn a great income throughout your working career makes the investment worthwhile.
SHOULD YOU REFINANCE YOUR MORTGAGE?
Mortgage rates have been trending down and the US National average for a 30-year mortgage hit 3.45% last week, a full percentage point lower than where it was the same time last year (4.41%). A lower rate means lower payments. If you bought a house today you’d pay $166 less per month on interest versus […]
WHAT SHOULD I DO WITH MY 401K RIGHT NOW?
The swift drop in the stock market from all-time highs into a bear market has left investor’s heads spinning. Almost before anyone had time to fully process the fall, the market started to rebound. Down 30%+ from the peak, the stock market started to recover and as of the beginning of May was only around […]
WHAT SHOULD I DO WITH EXTRA SAVINGS?
Covid-19 has impacted society and how we go about our day to day lives in many ways, and we will discover more changes as long as it remains a threat without a successful treatment or vaccine. Quarantines, reopening, subsequent outbreak related shutdowns, and looming waves of infection all have the capacity to change our behavior in ways we can’t predict. We have already seen the largest spike in unemployment in the history of the U.S. and some of the largest bailout/stimulus/aid packages passed in record time.
A late Christmas gift from Uncle Sam! Higher IRA and 401k contribution limits for 2019
With all of the hubbub around the holiday season you probably missed a nice gift you received from Uncle Sam. And, like the forgetful uncle that he is, he forgot to give it to you until January, but as they say, it’s the thought that counts. So, what present am I talking about? Why, the […]
MILLENNIALS HAVE HOW MUCH IN THEIR 401(K)?!
A recent article in Investor’s Business Daily got a lot of attention online. The subject of the article was how much the average 401(k) balance has increased over the past 10 years split out by generations. Millennials had an average balance of $137k in 2019 up from $10,500 in 2009. While Boomers had an average […]
SURVIVING THE HOLIDAY HANGOVER
The calendar page has turned from December to January and another holiday season is in the rear-view mirror. If your holidays were anything like mine then you might be feeling a bit of a hangover from all of the overindulging of the last few weeks. It’s easy to get caught up while in the thick […]
POLITICS AND INVESTING
With all of the ups and downs in the stock market lately, and the multitude of different news headlines you see trying to explain it away – tariffs, potential interest rate cuts, rising or falling inflation, etc. You would be forgiven for worrying how the decisions or tweets made by those in the government will […]