Keep Lifestyle Creep at Bay

  Are you earning a significant income but still living paycheck to paycheck? This is a common experience for many younger physicians. Most are making significant incomes, yet still feel as though they are drowning in financial obligations. Many struggled through medical school and residency, and they may still be struggling through student loan payments.

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Translating the Financial News

Making heads or tails of the financial news can be difficult. What does it really mean when the market was “up” or “down”? News reports about the stock market that you see or hear every day often report the movement of groups of stocks, and much less so the price movement of an individual company’s

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Benefits Packages- Things to Consider

A benefits package can be an important piece of the puzzle when evaluating job opportunities. For physicians, the type of employer can have a huge impact on what is provided. For example, it is not unusual for private medical practices to provide very little in the way of traditional benefits. As a partner or shareholder,

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Don’t Get Behind the Financial Eight Ball

As we welcome 2021 and try to put 2020 far into the rear view, it is always a good idea to put plans in place to succeed financially throughout the year. Here are eight areas we believe require your thought and attention at the beginning of the year to provide a kickstart to success during

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2021 Tax Changes

Each year the IRS announces modifications to the tax code for the upcoming year. While there have been no significant changes, there were some notable adjustments. Here are some of the important adjustments made for 2021: The Standard Deduction was increased to $25,100 for married couples who file jointly. Single filers and those who are

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How the SECURE Act Affects Inherited Retirement Accounts

Back in December we wrote an article about Inherited IRAs and how they must be treated and distributed. As is the author’s curse, a month later Congress changed the rules as part of the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Under this Act, no changes were made to the distribution rules if

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Saving Options For Your Child’s Future

With costs rising across the board, many physicians wonder as to the best way to save for their child’s future. Parents should ask themselves: Do I want this money to go toward a specific goal? Do I want my children to have access to the funds all at once? Will my child manage this money

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Benefit of Roth Conversions in Retirement

The IRS says that you cannot keep pre-tax retirement funds in your retirement account indefinitely. At a certain age, the IRS mandates you must start taking distributions. These forced distributions are commonly known as Required Minimum Distributions (RMDs). Many physicians worry about the impact RMDs will have on their taxes in future years. With recent

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Bridging the Income Gap

Many individuals and couples retire before they want to start collecting Social Security. They would rather wait to maximize their Social Security benefit. To do this, they need to find ways to fund their lifestyle while they wait to reach age 70 when their Social Security benefit is maxed out. There are many ways you

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