Financial Planning For Doctors

WCI Podcast #251 – How to Fix the Retirement Account System [Video]

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WCI Podcast #251 – How to Fix the Retirement Account System

A listener asked, “how would you reset the whole retirement account system in this country to make more sense for both the government and the citizens?” In this episode we dive into what changes we would make if we could in that system, simplifying taxes, separating the retirement accounts from employment, and creating a sort of pension plan bigger than social security. We also answer your questions about caps on 401(k) contributions, small business 401(k)s, social security, annuities, tax deferred vs Roth contributions, C shares and A shares, and contributing to your spouse’s 401(k). Read the full show notes here:

This episode is sponsored by Bob Bhayani, an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage or get this critical insurance in place, contact Bob at today by emailing or by calling (973) 771-9100.

The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you’re a high-income professional and ready to get a “fair shake” on Wall Street, The White Coat Investor channel is for you!

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00:00 Introduction
02:39 Changing The Retirement System
10:35 Multiple 401(k)s
15:42 Small Business 401(k)s
23:25 Social Security Age
27:14 Burnout w/ Dr. Dike Drummond
38:20 Undoing An Annuity
40:30 Roth vs Traditional For Super Savers
44:10 A Share & C Share Funds
54:14 Wrap-Up