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Should I Take the Lump Sum or Pension?
My brother has worked for the same company for over twenty years. Now that is something you don’t see much of anymore. The average person now switches jobs every four years. He plans on calling it quits soon and...
How to Optimize your Benefits Enrollment
Optimizing your employee benefits is pivotal to your retirement planning. With so many options nowadays, it can be confusing to determine what benefits to select. This can get even more complicated when both spouses have access to benefits. So, what can you do to...
How Will My Capital Gains Be Taxed?
We get this question a lot, especially around year-end. As most people already know, capital gains are taxed at lower rates than ordinary income. But at what rates are they taxed at and what is the primary driver in determining those...
Should I Fund a Health Savings Account (HSA)?
DIAGNOSIS: Are you in good health and can pay for most medical expenses with cash?TREATMENT: Consider fully funding an HSA account. What is an HSA? An HSA is an investment vehicle offered to individuals who are covered by a high deductible health plan, not claimed...
Should I Consider a Roth Conversion?
DIAGNOSIS: Do you have lower income than usual or wealthy heirs?TREATMENT: Consider a Roth Conversion. Would you ever want to pay taxes before you had to? It sounds counterintuitive but the answer is sometimes yes. A Roth Conversion is when...
How Physicians Can Pay for College and Protect Their Retirement
The biggest impediment to an on-time and comfortable retirement is overpaying for your children’s education. Most financial advisors just say, “save in a 529 account”. This isn’t enough and fails to address the best way to pay for a potential $300,000...
How to Transition Jobs and Protect Your Retirement
2020 has been anything but ordinary. Many people have lost jobs or had to transition to a new one due to reasons beyond their control. This can be an emotional time, yet one that can also open the door for other opportunities. First things first. You need to...
The FAFSA – Why Every Family With College Bound Children Should File It
Outstanding student loan debt is approaching 1.8 trillion, second only to mortgage debt for consumers. Student loan delinquency rates are over 11% and the average parent loan debt is $37,200 among the parents who borrowed on behalf of their children. These are...
Physicians Financial Planning Checklist
Physicians face many unique challenges when it comes to financial planning. Most graduate school with student loans, they have substantial liability exposure and begin saving for their retirement at a late age. Proactive planning can help you...
What if We Don’t Qualify for Need-Based Financial Aid?
Many higher income families assume that they will not qualify for any financial aid. They would usually be correct if the aid were need-based. However, financial aid can come in many forms. Merit Based Aid There are two types of financial aid, need-based and...
Choose the “Right” Schools to Save Money on College
We all want the best for our children. That includes paying for an education. But the cost of that education keeps going up and is now over $300,000 at some schools. Saving in a 529 plan is not enough! You need to develop a plan that not only helps you save, but...
Physician’s Financial Planning Playbook for COVID-19
The current pandemic has created challenges for all of us, especially physicians. There are threats to their own health, loss of revenue as elective procedures are canceled and difficulties in caring for their patients. Below are some resources to help...
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