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How Much Money Do You Need to Retire?

“So, how much money do I need to actually retire?”

This question 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. Continue reading…


Mid-Year Tax Changes That Will Help You

Making mid-year tax changes can completely change your outlook for the year

Mid-year tax changes are a great way to make sure you’re even with the government come tax season. Remember, if you get a large refund, you’ve given the government an interest-free loan straight from your pocket!

One of the easiest ways to reduce your household income tax liability is to maximize your contributions to tax-deductible vehicles such as 401k, 403b, 457b plans. Each of these allow you to put away $18,000 which means you could take a tax deduction of $54,000. How much tax would this save you if you were in the 35% income tax bracket? That would be $18,900. Simply by shifting your income from once place to another can provide that much tax relief.

taxesSo what happens to the growth inside of these accounts and the income that you can take in retirement? Continue reading…


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The Doctor’s Life Podcast Episode 039- Do You Need a Contract Review?

Are you getting paid what you’re worth?

Receiving a contract will always make you a bit excited. Be it your first contract or your 12th in your career, it always elicits some emotion. Maybe it’s that raise you’ve been looking for or a piece of the partnership you’ve been fighting for. The problem is these contracts are always written by lawyers, not doctors.

Dave Swan is back on The Doctor’s Life Podcast to tell you what to expect with a contract review and if you may need it. 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. Continue reading…


What Is Disability Insurance?

So what is disability insurance?

I’ve been in the financial services industry for a little over 10 years working with clients helping them be successful now as well as plan for their future. Over this time, I’ve made a few observations. One common observation is that while we each have our own unique and personal goals and things that are important to us, generally speaking, we all tend to want the same things. Whether it’s the desire to pay off debt so that you have more money to put towards your actual goals, or wanting to be able to travel regularly, we all want to be able to afford things that will allow us to create memories and have meaningful experiences with family and friends. Whatever’s included in this list for you, usually all of these things, in some form or fashion, take money to accomplish.

We give presentations across the country to doctors in training and physicians in practice with the intention of educating physicians in areas that you really don’t get much time to focus on. Most of the time, at the end of our presentations, the questions range from student loan repayment options, ways to reduce taxes, job search, and questions about investing. Accomplishing these things of course are all predicated on the assumption that you will continue earning an income to fund these things.

As a physician, your biggest financial asset, the most important thing you have as far as a financial resource goes, is your earnings potential. Another way to put this is that the basis for all you want to accomplish, any goal you have now or in the future, almost always assumes you have income. You’ve spent countless hours crafting your career and preparing to transition into practice. What if, your income stopped, or was reduced due to illness or injury? How would you handle that? Continue reading…


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

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. Continue reading…


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Disability Insurance With an Exam…or Without?

Is it better to get disability insurance with OR without a medical exam?

This topic comes up all of the time when doctors are considering… the question of, what is the best way to get disability insurance. Does it really matter? Does it affect the cost? How about what is included in the plan? Is there any difference?

First let’s discuss what is a medical exam in this setting? Just as with any individually owned insurance, in most cases you have to meet with a nurse where they get your physical measurements, ask your health history questions and usually get a blood and urine sample. A simple physical is really all it is. Insurance companies require this because they are trying to get an idea how they should rate you? Either at the best rates or somewhere down the list.

What are they evaluating in the samples? Continue reading…


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The Doctor’s Life Podcast Episode 037- Do You Need Disability Insurance?

So do you need disability insurance? As many doctors move from in-training to practicing right now, there is a (very!) significant jump in salary. You’ve heard all about disability insurance. You’ve probably wondered ‘Do you need disability insurance?’.

Dave Swan is back on The Doctor’s Life Podcast to tell you what you need to know about disability insurance and if you may need it. 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. Continue reading…


Why Do You Need a Financial Planner?

So, do you actually need a financial planner?

We all have things we want to accomplish in life. If you’re like most, you’ve spent some time thinking about these things. Initially, it’s as simple as deciding on what area of medicine you want to practice. Beyond that, it usually consists of putting together a more detailed list of the things you want to accomplish, a list of the goals you have.

As a physician, you’ve spent countless hours preparing and training for your profession. A lot of times, the idea of taking care of the financial essentials can seem a bit overwhelming. Whether it’s making sure the contract you’re offered is fair and equitable or getting the adequate amount of disability insurance, each one of these things, along with funding any other goal for that matter, can feel like just another item to take care of and one more thing you can check off your list.

I would suggest however, there’s a better way to approach these things and all your goals for that matter, so you don’t sell yourself short. Continue reading…


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The Doctor’s Life Podcast Episode 036- Minimizing Your Taxes

With it being mid-summer, a lot of people don’t think about minimizing your taxes. But right now is the perfect time to evaluate where you’re currently at for the year so your taxes aren’t a complete surprise next year.

Justin Nabity is in The Doctor’s Life Podcast studio with answers to questions you will have when you are leaving your current employer. 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. Continue reading…