While we tend to focus on ways to minimize taxes while we’re working, it’s also important to consider how to make retirement less taxing. One tax minimization strategy for retirement is the 7702 plan, which you fund with after-tax dollars. It’s a life insurance policy that augments the death benefit protection with an investment […]
There’s
a popular phrase used in the investment world, “buy term and invest the
difference.” At least since the 1980s it’s captured the prevailing advice about
life insurance. In fact, since that time, whole life insurance has sometimes received
a bad rap, much of which is undeserved.
More
recently, studies have come out that put a new perspective on whole […]
You know the importance of helping your patients enjoy optimal health. But what about you? Specifically, what are you doing to help ensure your financial health?
Debt management, tax planning, estate planning, children’s college fund, retirement planning, and the legacy you want to pass along to your family—these are just a few of the areas […]
With a vision of improving the health of all people, the American Academy of Family Physicians (AAFP) Foundation’s programs include humanitarian, educational, and scientific initiatives. Along with the donations from family physicians, corporations and others, dividends received from the AAFP Foundation’s subsidiary, AAFP Insurance Services, Inc., make these initiatives possible. The 501(c)(3) organization supports […]
When it comes to building wealth and preparing for retirement, there are many strategies for saving and investing. One aspect that physicians often do not fully utilize is saving through smart tax strategies. Specifically, you should have a tax strategy that takes advantage of legally allowable tax deductions to retain as much of your […]
A MoneyWatch article asked, “Is becoming a doctor a million dollar mistake?” They were referring to the high cost of a medical degree, plus the lost decade of earnings at the beginning of a doctor’s career.
While certainly provocative, the question deserves an answer. It depends on how well you prepare for:
The financial burden […]
While the experts talk about the need to lower the financial burden associated with attending medical school, the reality is that student loan debt is higher than ever. Add together undergraduate loans with medical school debt, and some have calculated the total average student loan debt for graduating physicians to be as high as […]
The good news for healthcare professionals is that medical malpractice claim frequency is lower than it has been in the past(1). Also, of the malpractice cases pursued, only seven percent make it to court. Of those, about one in five rule in favor of the plaintiff.
The bad news, however, is that the few cases […]
In their many years of schooling, physicians rarely if ever touch on the issues of financial management and investments. Often they begin careers saddled with debt. Working long hours, medical professionals have little time to devote to learning about finances. Plus, once they are finally earning money, they are apt to want to live […]
The most important aspect of a life insurance policy is that it’s in force on the day you die. Owning a permanent policy ensures that happens. Given that it’s called permanent “life insurance” it’s not surprising that most people think it’s a one-trick pony. It can, however, play multiple roles in your financial portfolio.
So […]
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