Young physicians – especially those about to enter residency or still in residency, have a unique tax planning opportunity that’s almost unmatched by any other profession: The opportunity to contribute to a Roth IRA (or Roth 401(k)) while earning an income far, far below their likely income brackets
What To Look For in a Physician’s Disability Insurance Policy
1.) An ‘own occupation’ definition of disability Most doctors are pretty active. If you’re like most doctors, you’re on your feet for much of the day. Surgical specialties and emergency medicine may require more activity than others, but few doctors are very sedentary in their
Is Your Medical Specialty Among the Top Earners?
Want to know how your medical specialty is getting paid? The 2023 Medscape Physician Compensation Report is out. Here are some of the key findings: The five highest earning medical specialties are: Plastic Surgery: $619,000 Orthopedics: $573,000 Cardiology: $507,000 Urology:
7 Student Loan Management Tips For Young Doctors
Medical school pays off big for the vast majority of doctors who stay in medicine for their entire careers. But that doesn’t mean that medical school debt and student loan balances are fun. According to the New American Education Policy Program, the average medical school graduate begins his or her
How To Deal With Medical School Debt
In the long run, medical school is worth the investment many times over. But it sure doesn’t feel like it sometimes when you’re making those big payments! If you’re just starting out on your medical career, here are some things to keep in mind as you create a strategy to minimize the burden of your
Best End of Year Tax Moves for Doctors
Looking to reduce your overall tax liability, boost your cash flow, or both? Here are several strategies you can use to ease the tax hit on you and your family this year and going into 2024. 1. Make a small extra payment on your student loan before December 31 Why? Because interest on student
Social Security Disability Benefits Basics
Unexpected disability, whether through injury or illness, can wreak havoc on most family’s finances. The financial toll isn’t limited to the disabled individual’s lost wages (which alone can be a crippling hit for most middle class families where a breadwinner is the one afflicted). The costs can
What Type of Life Insurance is Best for Me?
The debate between advocates of permanent cash value life insurance and people who advocate buying nothing but term and investing the difference in premiums is one of the most hotly contested topics in financial services. Sadly, most of the back-and-forth we see out there generates more heat than