Am I eligible for a Solo 401k ?

Physician Family Financial Advisors Podcast; Personal Finance for Doctors with Children

Episode Overview:

In this episode, Ben Utley and Nate Reineke explore the specifics of solo 401(k) eligibility for physicians. They address common misconceptions and complexities related to retirement accounts, discussing various financial strategies that physicians might consider as they advance in their careers. The hosts share insights into the benefits and limitations of a solo 401(k), along with personal anecdotes and professional experiences.

Key Highlights:

1. Understanding Solo 401(k) Plans:

- Ben and Nate explain the concept of a solo 401(k) and its primary benefits for self-employed physicians, including high contribution limits available through this type of retirement account.

- Important eligibility criteria are discussed, such as the need for self-employment income and the absence of full-time employees other than the owner and their spouse.

2. Transitioning from Self-Employment:

- The hosts address considerations for physicians transitioning from self-employment to W-2 employment, including the potential impact on previously established retirement accounts and the importance of understanding different account regulations.

- They underscore the need for maintaining tax efficiency during these transitions.

3. Comparing Retirement Accounts:

- Ben and Nate navigate various retirement account options available to physicians, discussing the pros and cons of solo 401(k)s compared to traditional 401(k)s and IRAs.

- Strategies for managing funds within these accounts are provided to help listeners understand the implications of their investment choices.

4. Insurance Considerations:

- The episode touches on necessary insurance products for physicians, emphasizing how to evaluate and choose insurance options wisely.

- They highlight the importance of assessing life and disability insurance needs as part of a comprehensive financial plan.

5. Importance of Professional Guidance:

- The hosts emphasize the value of working with a knowledgeable financial advisor to navigate the complexities of retirement planning and investment strategies.

- They encourage listeners to seek professional opinions, especially when facing significant financial transitions or decisions.

Actionable Advice:

- Get Personalized Financial Advice:

For tailored financial guidance that suits your needs, visit www.physicianfamily.com to connect with a professional advisor.

- Have a Question?

Send your questions to [email protected] or call 503-308-8733, and your query might be featured in a future episode!

Resources Mentioned:

- The Overtaxed Doctor's Retirement Investing Checklist: https://www.physicianfamily.com/go

Are you getting all the tax breaks you deserve? Download your checklist here to ensure you’re maximizing your opportunities.

Disclaimer: See marketing disclosures at www.physicianfamily.com/disclosures