Host, Dr. Like the blog, the White Coat Investor Podcast, is dedicated to educating medical students, residents, physicians, dentists, and similar high-income professionals about personal finance and building wealth, so they can ultimately be their own financial advisor—or, at least know enough to not get ripped off by a financial advisor! We tackle the hard topics like the best ways to pay off student loans, how to create your own personal financial plan, retirement planning, how to save money, investing in real estate, side hustles, and how everyone can be a millionaire by living WCI principles. Listen on Apple Podcasts. Everyone should be contributing to a Roth IRA every year. This is retirement account space that you can't get back. Many of us need to contribute to the Roth IRA through the backdoor, which can be confusing.
The Marginal Value of the Backdoor Roth. Is it Worth the Trouble?
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Some docs like residents or even attendings in the lower paying specialties who are married to a non-earner can just contribute to a Roth IRA directly. If you understand the rules of both of these steps, putting them together is no problem. Married physicians should be using a personal and spousal Roth IRA, and will usually need to fund both indirectly i. That allows you to determine your own tax rate as a retiree by deciding how much to take from tax-deferred accounts and how much from Roth accounts. Each spouse reports their Backdoor Roth IRA on their own separate , so my tax returns always include two form s. I do this every January 2nd. Leave it in cash i.
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Before Attempting a Backdoor Roth
Graduation is over and residencies are complete. Have you addressed the student loan issue yet? We'll help you get started. Refinancing private student loans is a no-brainer any time you can lower your interest rate. Laurel Road is a … More huge player in this.
Everyone should be contributing to a Roth IRA every year. This is retirement account space that you can't get back. Many of us need to contribute to the Roth IRA through the backdoor, which can be confusing. In this episode we discuss what a backdoor Roth IRA is, steps for successfully contributing to a backdoor Roth IRA, and how to fix errors that occur in each step. See full show notes here whitecoatinvestor. For those who have mastered the backdoor Roth IRA we also answer listener questions about adding new asset classes to your investment plan, tax implications for inherited money, helping parents with financial advice, behavioral and math components to personal finance, legal issues concerning being recorded at work, and recharacterizing contributions you have made to your retirement accounts. If you have not done your Roth IRA contribution yet this year, let this episode be the motivation to get it done. Plus, they just lowered rates for physicians and dentists still in residency. Listen Now. Discover Premium Shows Likes.