ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 119: Ringing in the New Year with Major Tax Law Changes - Pt. 2

We are back with a continuation of our last episode on financial changes resulting from the SECURE Act 2.0. Where the last episode revolved around predominately Roth IRAs, this episode we’ll get into more contribution- and withdrawal-based topics that will be especially important for late-stage ER docs.

Retirement planning is like a math equation with many problems to solve for: the age, amount, tax bracket, account type and performance of when you not only put money in, but when you pull money out all materially matter when it comes to your retirement. And these rules are the framework that sets the stage for how your money can look tomorrow, or years down the road.

Topics Discussed:     
  • Our thoughts on abolishing income tax and instating a consumption tax.
  • Changes for surviving spouses inheriting an IRA.
  • The changes expected for catch-up contributions.
  • Options you have when it comes to contributions.
  • New opportunities to access funds.
  • One of the most exciting changes with the i401(k).

Resources Mentioned:

Tags

New Year, tax law, ER doctors, tax laws changes, retirement, Secure Act 2.0, retirement planning, IRS, Tax Code

by 
Scott Wisniewski, EA