Roth IRAs can be great savings vehicles for doctors. They allow your money to be contributed after taxes, grow tax-deferred, and be withdrawn tax-free when used correctly.
Contracts, Services Offered
By far a doctor’s largest asset is their income. However, often this asset is neglected. Your income is what allows you to realize wealth over time.
Let’s assume a doctor goes into practice at age 35 and retires at age 65. That provides them 30 years of earnings. To keep things simple, I’m showing numbers before adjusting for inflation, earnings growth, and taxes.
Taxes
As a financial advisory firm, we talk to hundreds of doctor households each year and see their tax returns. On occasion, we spot issues with their taxes. As you prepare for filing your taxes, we thought you’d want to know the common tax missteps we see with doctors.
Debt, Student Loans
We thought we’d give a quick update on the state of Public Service Loan Forgiveness (PSLF). So much has changed over the last few years; it’s worth going through a quick timeline.
