ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 176: Maxing Out Multiple Retirement Plans

ER docs tend to lead financially complex lives. With different income sources, different income types, and possibly earnings in multiple states, this provides a major hurdle when it comes to optimization. But not all hope is lost; the added complexity can often lead to opportunity, like in the case of additional contribution limits with multiple non-related retirement accounts.

On today’s episode, we’ll discuss the rules for multiple retirement accounts with separate employers, talk about how to remedy an accidental over-contribution, and even get into a scenario where an intentional over-contribution could make sense.


Topics Discussed:   
  • Why things can get complicated with multiple income sources and how retirement contributions are involved.
  • Your responsibility when it comes to over-contributing.
  • The max limits for different age groups.
  • What you should be tracking to ensure you’re staying within limits.
  • The $69,000 limit and how it works with unrelated employers.
  • Unique things to consider when it comes to your contributions with different plans.
  • What happens when you have over-contributed—and what can be done to fix it.

Resources Mentioned:


maxing out retirement plans, maxing out, retirement plans, contributions ,over-contributing, contribution limits, ER docs, emergency doctors

Scott Wisniewski, EA