February 2, 2021 Wisconsin Finds Owners of Lost Pensions Some people lose old retirement accounts because they forget about them. Others don’t want the hassle required to retrieve small amounts. And workers who change jobs fairly often can leave a lot of small accounts in their wake. As a result, millions of dollars of retirement wealth – in pensions, 401(k)s, ...

December 17, 2020 How Much Will Your Retirement Taxes Be? Four out of five retired households will pay little or no income taxes. But the tax rates at the highest income levels are meaningful, averaging 11 percent of household income and as much as 23 percent at the very top. These estimates come from a new analysis by the Center ...

February 18, 2021 Big Picture Helps with Retirement Finances The prospect of retiring opens a Pandora’s box of questions. But one big question dominates all the others: How will I manage my finances when I retire? This is a vexing problem, and baby boomers could use some help thinking it through. To ease the process, a team at UCLA and ...

The single best tax break available to physicians is maximizing your retirement plan contributions.  Most self-employed or partnered doctors already have a defined contribution/profit-sharing plan (SEP-IRA or 401K) available to them into which they can contribute $58K a year for 2021 ($64,500 if they’re 50+.)  If your federal and state marginal income tax rate is 37%, you just knocked $21,460 ...

Life insurance agents don’t like selling term life insurance for the same reasons that it is the main, and probably only, type of life insurance you should buy. It is a simple, low-cost, low-commission, financial product. Who wants to sell the most boring, lowest-commission product out there? That’s like seeing nothing but URIs in clinic all day. If there were ...

I get lots of questions from readers about whether or not they should take advantage of their Roth 401(k) (or 403(b)) option. They’re usually looking for an easy, straightforward answer. Unfortunately, it isn’t that easy. I only have one rule of thumb, and that’s that residents (and military docs) should make Roth contributions and attendings should generally make traditional, tax-advantaged ...

T. Boones Pickens was a wealthy man.  If you don’t know who he was, let’s just say he was one of the most successful business magnates during your lifetime.  Starting as a “depression-era baby from tiny Holdenville, Oklahoma”, he became a billionaire by entering the petroleum industry after college and founding what would become Mesa Petroleum, which evolved into a ...

The most popular post I’ve ever written was titled How To Build A Retirement Paycheck, which outlines the details of how we were setting up The Bucket Strategy for retirement.  It seems a lot of you have an interest in the topic, for good reason.  Moving from the Accumulation Phase to the Withdrawal Phase is one of the biggest challenges ...

Some people just aren’t cut out for early retirement. IMO, most people would choose to keep working even after they achieve financial independence. Early retirement is unconventional and scary. Why retire if things are going well? Let’s take a look at my friend for example. Jane worked hard for many years. She saved and invested since she was young and ...

The theme for 2018’s International Women’s Day campaign is #BalanceforBetter, “Think equal, build smart, innovate for change”.  It is a time to applaud the progress of women’s achievements around the world. However, even with incredible progress, women face unique circumstances when approaching retirement. Women Live Longer Than Men Because women tend to live longer than men, they likely will have ...

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