Posted on: October 24, 2018 by Chuck Krugh, CFP
Most mid-career physicians have a pleasant problem: They make too much money to make tax deductible contributions to IRAs, and may be ineligible to contribute to Roth IRAs altogether. That leaves your employers’ 401(k) or 403(b), if you’re a W-2 employee, and maybe a non-qualified retirement plan that is potentially subject to forfeiture. What if […]
Posted in: Financial Planning Money Management Physician Money Management
Posted on: October 9, 2018 by Chuck Krugh, CFP
A lot of ink has been spilled on the pros and cons of annuities. Advisers tend to have strong opinions about annuities. Insurance professionals often recommend them. But then, annuities pay relatively high commissions. Stockbrokers and Wall Street advisers often don’t like them. But they are trying to sell a competing product, so they have […]
Posted in: Financial Planning Money Management Physician Money Management
Posted on: September 21, 2018 by Chuck Krugh, CFP
Doctors almost always make good money once they leave residency and enter practice as an attending physician – and can reasonably expect to make $200,000 per year and much more in short order, once they get into the swing of things. But not everyone wants the daily grind and stress of patient care and hospital […]
Posted in: Financial Planning Money Management Physician Money Management Practice Management
Posted on: September 10, 2018 by Chuck Krugh, CFP
Nearly every insurance expert will advise doctors it’s important to own a disability insurance policy with an “own occ” (own occupation) definition of disability written into the contract. That’s in contrast to the less desirable “any occupation” definition included in many contracts. For physicians, an own occ policy is far more likely to actually pay […]
Posted in: Disability Insurance Doctor disability insurance physicians disability insurance
Posted on: August 7, 2018 by Chuck Krugh, CFP
A student loan of a quarter of a million dollars. That’s the average debt incurred by today’s newly-minted doctors who graduate with student loan debt. A recent report from the National Center for Education Statistics found that the average loan balance for graduating physicians is now $246,000. Furthermore, medical school debt is usually booked as […]
Posted in: Uncategorized
Posted on: July 19, 2018 by Chuck Krugh, CFP
Most physicians we speak with understand the need for at least some individually-owned disability insurance. But there’s another important form of insurance protection that is growing more and more popular as physicians and employers see the need: Critical illness insurance. For proper insurance planning, it’s important to grasp both types of coverage, and to understand […]
Posted in: disability claims Disability Insurance Doctor disability insurance
Posted on: July 9, 2018 by Chuck Krugh, CFP
Most physicians have a pleasant problem: They make too much money per year to make fully-deductible contributions to a traditional IRA for retirement. Many earn too much to contribute to Roth IRAs as well. But there’s another less well-known option for physicians in private practice, or who have access to a high-deductible health plan (HDHP) […]
Posted in: Financial Planning Money Management Physician Money Management Retirement
Posted on: June 27, 2018 by Chuck Krugh, CFP
When a physician transitions from practicing as an employee to owning or being a partner/shareholder in his or her own private practice, the financial picture changes. A lot. As an employee, you’re sheltered from having to protect the business entity. You just need to worry about yourself and your own family. Once you own a […]
Posted in: Disability Insurance Doctor disability insurance Financial Planning Money Management Physician Money Management physicians disability insurance Practice Management Uncategorized
Posted on: March 22, 2018 by Chuck Krugh, CFP
First of all, let’s get this out of the way: We know that for the vast majority of cardholders, credit cards are toxic to financial health. Unless you get one of those sweet introductory 0 percent interest deals for nine-months to a year, interest rates on these things are ridiculous. We are advocates of being […]
Posted in: Financial Planning Money Management Physician Money Management Uncategorized
Posted on: March 9, 2018 by Chuck Krugh, CFP
It’s not just us saying it – Doctors should own long term disability insurance. And preferably they should have their own coverage, in addition to whatever coverage they receive from their employers. This is from a recent piece from Medical Economics: “Securing LTD coverage can be complicated, confusing and expensive. But insurance experts, advisers and […]
Posted in: disability claims Disability Insurance Doctor disability insurance physicians disability insurance workers comp