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
New retirement rules recently became law with Secure Act 2.0 as part of the 2023 federal budget. The new rules change how doctors can save for retirement, including more Roth options, new penalty exceptions, and later Required Minimum Distributions.[Read more…] about What Secure Act 2.0 Means for Doctors
PLEASE NOTE: This post has not yet been updated for the most recent changes to student loans during the Biden Administration.
The Biden Administration has made key changes to student loan payments, servicers, and forgiveness opportunities. Doctors may need to take action to receive student loan forgiveness under the new rules, revisit consolidation or refinancing, or prepare for payments to restart in October.[Read more…] about Student Loan Changes in the Biden Administration
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
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