ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 169: What ER Docs Can Learn from the Largest Sports Contract in History

It’s often the case that people are short-sighted with their retirement. The focus is on getting “to retirement” (saving and accumulating), but not necessarily how to get “through retirement.” That has its own layers, such as: How will you acquire money in retirement? From what accounts? In what order? Where will you be living in retirement? Spousal income? Social Security? You can quickly see there are dozens of variables at play.

On today’s episode, we’ll discuss Shohei Ohtani’s MLB contract and make parallels with ER doc’s deferring income – both in qualified and non-qualified ways.

   

Topics Discussed:   
  • The layers involved in getting through retirement.
  • The largest contract in professional sports history (and what we can take away from it).
  • Planning for income tax differences between states.
  • Recent changes in the income tax levels.
  • Playing out the different options when it comes to weighing out different wage payout options.
  • The tax considerations for earning location vs. retirement locations.
  • Investments that help to reduce tax liability.
  • Why not all tax strategies are worth the risk.

Resources Mentioned:

Tags

tax rates,income tax, california taxes, sports contract, ER docs, Emergency medicine,state taxes, retirement planning,

by 
Scott Wisniewski, EA