Youtor
How Much Do I Need to Retire as a Physician
>> YOUR LINK HERE: ___ http://youtube.com/watch?v=KxswsY3KQ80
Back in 2018, I was asked to speak at the American Society of Colon and Rectal Surgeons (ASCRS) conference (my first big-time speaking engagement 🥳), and the topic was simple: How Much Do I Need to Retire as a Physician? Well, simple question, complex answer. So how do I answer such a crucial question in a room full of surgeons? I had to work it backwards, and in this post, not only will I share how I did it, but I will also share my Excel spreadsheet with you so you can make it your own. • Key Insights 💡 • 💡 Starting to save early is crucial due to the power of compounding interest. We emphasize the importance of getting started as soon as possible, even with small amounts, to build good saving habits and take advantage of long-term growth potential. • 💡 We provide examples and charts to help physicians calculate their retirement savings goals. By considering factors such as desired retirement age, spending goals, rate of return, and inflation, physicians can get a better understanding of how much they need to save and adjust their savings strategies accordingly. • 💡 Different retirement accounts, such as 401(k), backdoor Roth IRA, and after-tax 401(k), offer various benefits and contribution limits. We suggest maximizing contributions to these accounts to take advantage of tax advantages and potential employer matches. • 💡 High-deductible health plans and HSAs can be useful tools for healthcare savings. However, it is essential to evaluate personal medical needs and costs before opting for a high-deductible plan. HSAs can provide additional tax advantages for eligible individuals. • 💡 We provide an Excel spreadsheet to calculate retirement savings, including savings goals, projections, and the impact of different factors. This tool can help physicians customize their savings plans and track their progress towards their retirement goals. • 💡 We discuss the importance of considering longevity and the potential need for funds to last beyond traditional retirement ages. By using a conservative multiple and considering inflation, physicians can estimate their retirement savings needs more accurately. • 💡 We highlight the importance of taking inventory of one's current savings percentage and assessing where one stands in relation to one's retirement goals. Regularly evaluating and adjusting savings strategies can help physicians stay on track and make necessary adjustments as their financial situation evolves. • Highlights 🕒 • 0:00 Introduction • 1:18 When to Start Saving for Retirement as a Physician? • 6:09 How Much Should I Be Saving? • 9:56 How Much Do I Need to Retire as a Physician? • 11:15 Best Accounts for Physicians to Use When Saving for Retirement • 📚 Read More Here: https://bit.ly/3ikzLUi • 🆘 Resource: Excel Spreadsheet; https://wealthkeel.co/RetirePhysician... • Please share any topics or questions you would like to see featured in our videos in the future! Drop us a line in the comments 🙏 • 👉 Follow us on socials, join our weekly newsletter, get our free eBook, and more: https://go.wealthkeel.com/m/WK • Music from Intro Video: Sunburst by Tobu Itro - http://bit.ly/2p6JaWw • Disclosures: This information is for general purposes only. This information is not intended to be a substitute for specific professional financial or tax advice, as individual circumstances vary. Please see a financial professional, CPA, and/or an attorney in regards to your own individual situation.
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