Funding a Self-Directed Solo 401(k) or SEP IRA

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

The Straight Dope on Annuities for Physicians

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

Alternative Money-Making Ideas for Doctors

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 […]

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How Physicians Can Use a Health Savings Account for Retirement

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) […]

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Insurance Coverage Every Private Practice Needs

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 […]

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How To Use A Credit Card (And What to Look Out For)

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

What the Tax Cuts and Jobs Act Means for Doctors

Posted on: February 21, 2018 by Chuck Krugh, CFP

The Tax Cuts and Jobs Act – the sweeping tax reform signed into law in the closing days of 2017, contains a number of tax breaks. The majority of middle class taxpayers will receive a significant tax cut as a result of the law, though a few readers may find themselves with little or no […]

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Estate Planning Basics for Young Doctors

Posted on: January 9, 2018 by Chuck Krugh, CFP

As much as none of us want to admit it, we’re all going to check out one of these days. The time to lay the groundwork for our eventual deaths is now. Accident, illness or violent crime can strike any of us at any time. Most of these steps for estate planning have to be […]

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Year-end Tax Tips for Doctors and Dentists

Posted on: December 6, 2017 by Chuck Krugh, CFP

November is upon us, and that means it’s time to make your end-of-year tax moves to make sure you minimize your overall business, income and capital gains tax liability, while maximizing your personal and business cash flow. Maximize retirement plan contributions. While you have until next April to make contributions to an IRA, you have […]

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Study: Doctors Get Paid Best in Rural Areas and Lower-Cost Cities

Posted on: November 21, 2017 by Chuck Krugh, CFP

“I’d be a bum on the street with a tin cup if markets were efficient.” – Warren Buffett Doctors aren’t commodities – and neither are the markets they work in. That’s why there are big differences in compensation, even within the same city and within the same specialty. A recent survey from Doximity uncovered significant […]

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