Financial Clarity for Doctors Finity Group

In this week's blog, we through 10 tax deductions for doctors for ways to potentially save money on taxes.  
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.

In this episode of Financial Clarity for Doctors, Corey and Rachelle tackle some of the best places to put extra cash savings.  Having “too much cash” is a good problem to have, but we want to be as efficient as possible with anything you don’t need for your day-to-day expenses.
Topics discussed include:
Good reasons to have cash reserves and not-so-good reasons
Emergency reserves and short-term spending needs? Both good reasons to have cash on hand!

High-interest savings accounts
Very liquid and quite a few yielding a decent amount of interest at this time

Certificates of deposit
Potentially a higher yield than a savings account but less liquidity

I Bonds and other treasury bonds and bills
Lots of different amounts of times to be invested

Structured investments including market-linked C.D.s and issuer-protected or buffered notes
More complicated, but can potentially participate in some stock market performance with less risks

 
Ideally, we are not keeping too much money on cash (we may be better off investing some of those dollars), but for the dollars that we do need to keep fairly safe and/or liquid, let’s try to at least earn a little interest!
For more financial planning tips from Corey and Rachelle, find them on social media!LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance 
Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.

In this episode of Financial Clarity for Doctors, Corey and Rachelle discuss the benefits of pre-tax and Roth retirement accounts.  We love savings, but it’s important to understand when and how you pay taxes.  You will have to pay taxes on your retirement savings, it’s just a matter of when.
Pre-Tax Retirement Savings:
Tax deduction now.
Can grow without paying taxes along the way.
Pay ordinary income taxes on withdrawals.
Can contribute through work retirement plans up to a maximum.
Generally, not accessible before age 59.5 without penalty taxes.
Best in your peak income earning years if you are in a high tax bracket.
 
Roth Retirement Savings:
No tax deduction now.
Can grow without paying taxes along the way.
Withdrawals in retirement are tax free.
Can contribute through Roth IRA (potentially “backdoor” Roth) and many employers offer a Roth deferral option. These plans have a maximum as well.
The growth in the account is generally not accessible until Age 59.5 without penalty taxes.
Pay taxes now at a known rate, instead of later at an unknown rate.
Best when you are in a lower tax bracket than you expect to be in the future or in retirement.
One last note – keep in mind that taxes change over time.  We can make decisions now based on current tax rates, but we don’t know what tax rates will be later in our careers or in retirement.  Ideally, we have retirement savings that is diversified across tax treatments, so that we can adapt to changing tax environments in retirement.
For more financial planning tips from Corey and Rachelle, find them on social media!LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance 
 
Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.

In this week's blog, we talk about own-occupation disability insurance for physicians and how to estimate how much coverage you should get.  
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.

In this episode, Corey and Rachelle take a little inspiration from Bill Perkins and his book ­Die with Zero.  It’s an interesting concept (but scary to most people).  Ultimately, the idea is to use the resources you have while you can enjoy them.
In this episode, they will chat about:
Thinking of every dollar you leave behind as hours you worked.
Strategically planning WHEN to use your money and other resources including time.
When you are young and healthy, you are better able to enjoy things.

Planning to gift money earlier rather than at the end of your life.
Kids may benefit more from resources earlier on when they don’t have a lot of their own resources.
Charitable organizations can always use support sooner than later as well.

Ways to protect yourself in the case of a long lifespan.
Creating income streams.
Using insurances to mitigate some of the larger risks like high-cost end of life care.

It is still important to develop healthy savings and spending habits, but it’s also important to use and enjoy the resources you have.
For more financial planning tips from Corey and Rachelle, find them on social media!LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance 
Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.

In this week's blog, we walk through benefits of working locums as a doctor.  
Our weekly blog posts that can be found at www.theFinityGroup.com/blog, where you can also sign up for our newsletter to have our weekly blog post delivered directly to your inbox.