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Started By
Message
retirement plan advice needed...
Posted on 6/30/14 at 12:24 pm
Posted on 6/30/14 at 12:24 pm
...alright MT, set me in the right direction.
I've recently become an indendent contractor, I'm an MD who does ER/Hospitalist work through several different staffing companies. I pay taxes quarterly. I make more now than I've ever made in my life. I'm 33. I had to drain my previous 401k to get here, it wasnt much. but, now ive got emergency funds for 3 months.
I'm planning to set up an individual 401k through vanguard to maximize my pre tax contributions, I dont qualify for a roth, then once that's maxed out, set up drip accounts with exxon, johnson and johnsone, and coke.
As of right now, I'm using most of my money to pay down debt, but I wanted to start contributing something to retirement now, once my higher intrest loans (6.0%+) are paid off, then I'll max out the pre tax retirement account contributions, then, once they're maxed out, I'll start contributing more to the drip accounts.
I do plan to start my own clinic as soon as possible, I'm internal medicine and pediatrics trained and certified, but I need to pay down enough debt to borrow the money to start the clinic
any help would be appreciated, TIA
I've recently become an indendent contractor, I'm an MD who does ER/Hospitalist work through several different staffing companies. I pay taxes quarterly. I make more now than I've ever made in my life. I'm 33. I had to drain my previous 401k to get here, it wasnt much. but, now ive got emergency funds for 3 months.
I'm planning to set up an individual 401k through vanguard to maximize my pre tax contributions, I dont qualify for a roth, then once that's maxed out, set up drip accounts with exxon, johnson and johnsone, and coke.
As of right now, I'm using most of my money to pay down debt, but I wanted to start contributing something to retirement now, once my higher intrest loans (6.0%+) are paid off, then I'll max out the pre tax retirement account contributions, then, once they're maxed out, I'll start contributing more to the drip accounts.
I do plan to start my own clinic as soon as possible, I'm internal medicine and pediatrics trained and certified, but I need to pay down enough debt to borrow the money to start the clinic
any help would be appreciated, TIA
1
Posted on 6/30/14 at 12:27 pm to white perch
quote:
I make more now than I've ever made in my life.
congrats. and that is pretty vague.
Posted on 6/30/14 at 12:33 pm to Mr.Perfect
What about a sep Ira. Can put in 52k a year. I'm guessing you've opened up a c or s corp?
You can cash out refi if you have enough equity in your house to start your clinic. Interest rates are still very low so I that may be a good option to get cash
You are pretty much in the same situation as my brother but he's an np with a masters in Geri and psych. He rounds at nursing homes and in patient hospitals. Also has his own clinic and makes halfway to 7 figures.
You can cash out refi if you have enough equity in your house to start your clinic. Interest rates are still very low so I that may be a good option to get cash
You are pretty much in the same situation as my brother but he's an np with a masters in Geri and psych. He rounds at nursing homes and in patient hospitals. Also has his own clinic and makes halfway to 7 figures.
This post was edited on 6/30/14 at 12:39 pm
Posted on 6/30/14 at 12:40 pm to roguetiger15
quote:
What about a sep Ira. Can put in 52k a year. I'm guessing you've opened up a c or a corp?
I havent opened anything up yet, just now starting the paperwork.
quote:
You can cash out refi if you have enough equity in your house to start your clinic. Interest rates are still very low so I that may be a good option to get cash
just bought my house a year ago, so no
Posted on 6/30/14 at 12:41 pm to white perch
Well a sep is much easier and cheaper. Do u have a wife? Does she work?
Talk to your CPA and get an advisor. Someone in your position will eventually need both working together for you.
I'm an FA, trust me shite can hit the fan if everyone is not on the same page in terms of your FA, attorney, CPA etc. Especially for young high income families like yourself who's needs are always changing
Talk to your CPA and get an advisor. Someone in your position will eventually need both working together for you.
I'm an FA, trust me shite can hit the fan if everyone is not on the same page in terms of your FA, attorney, CPA etc. Especially for young high income families like yourself who's needs are always changing
This post was edited on 6/30/14 at 12:46 pm
Posted on 6/30/14 at 12:42 pm to roguetiger15
quote:
Well a sep is much easier and cheaper. Do u have a wife? Does she work?
I have a wife, she does not work
Posted on 6/30/14 at 12:55 pm to white perch
Ok well I'll tell you what we did for my brother. His wife stopped working bc it didn't pay her to work. She was a nurse but when they got married she was now in my brothers tax bracket. So we opened an s corp and she's now a "shareholder" of the s corp earning a salary through the company. He's got a sep, he max's his and hers sep. as a shareholder, it allows her "income" to be taxed at her individual level instead of his level and/or corporate level.
This post was edited on 6/30/14 at 12:56 pm
Posted on 6/30/14 at 12:59 pm to roguetiger15
quote:
roguetiger15
quote:
I'm an FA
Roguetiger15
Can you shoot me an email I'd like to drop a few questions about you being an FA? I am interested in making a move to that profession. Currently I am an analyst for a large healthcare system and handle negotiations for million dollar insurance contracts.
coincollections@hotmail.com
This post was edited on 6/30/14 at 1:00 pm
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