Chris Hansen, CFP®

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.

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.

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.”