As a physician, you’ve dedicated years to your education and training, and your high income reflects the value of your expertise. However, when it comes to saving for retirement, you may find yourself ineligible for Roth IRAs due to income limits. The income limits for 2023 are $153,000 for single and $228,000 for married physicians filing jointly on your taxes. If you’re married and file separately on your taxes, the limit is only $10,000.[Read more…] about Backdoor Roth IRAs for Physicians
Whether you are a dual doc family, a doc with another professional, or a single doc with children, child care is one of the most significant and essential expenses you’ll need to address.[Read more…] about Everything You Need To Know When Hiring a Nanny
On Friday, President Trump signed the $2 Trillion COVID-19 stimulus package named the Coronavirus Aid, Relief, and Economic Security (CARES Act). The CARES Act provides some definite benefits if you have Federally held student loans. We wrote this article to help doctors with student loans understand and take advantage of the CARES Act benefits.[Read more…] about CARES Act and Doctors with Student Loans
As a new physician, you’ve sacrificed years watching friends buy new cars and first homes, while you’ve spent an extra four years in medical school with no income. You followed that up with three to nine years of residency and fellowships at depressingly low-income levels. It’s no wonder then, when you finally get your new attending salary, you want to go buy a “doctor house.”[Read more…] about Physician Home Buying Guidelines
Why You Should Monitor Your Credit
There are many reasons to stay on top of your credit. The most obvious reason is to identify if someone has illegally accessed one of your accounts or possibly even stolen your identity. You should assume that your personal information is readily available to criminals. Even the credit bureaus have been hacked.[Read more…] about How to Easily Monitor Your Credit
What is IBR?
Don’t confuse the Income-Based Repayment plan (IBR) with Income-Driven Repayment plans (IDR). Income-Driven Repayments (IDR) refers to ALL student loan repayment plans that are based on your income and family size. IDR plans include Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE), and Income-Based Repayment (IBR).[Read more…] about Everything You Need to Know About Income-Based Repayment (IBR)