Am I eligible for a Solo 401k ?

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

In this episode, Nate and Ben delve into the specifics of solo 401(k) eligibility for physicians. They address common misconceptions and intricacies related to retirement accounts, discussing various financial strategies that physicians can consider as they navigate their professional careers. The hosts provide insights into the benefits and limitations of having a solo 401(k) while sharing personal anecdotes and professional experiences.

Key Highlights:

1.Understanding Solo 401(k) Plans:

- The hosts explain the concept of a solo 401(k) and its primary benefits for self-employed physicians. They highlight the high contribution limits available through this type of retirement account.

- Important eligibility criteria are discussed, including 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:

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

- The conversation underscores the importance of maintaining tax efficiency during these transitions.

3.Comparing Retirement Accounts:

- Nate and Ben navigate the various types of retirement accounts available to physicians, discussing the pros and cons of solo 401(k)s versus other retirement plans such as traditional 401(k)s and IRAs.

- Strategies for managing funds within these accounts are provided, helping listeners understand the implications of investment choices.

4.Insurance Considerations:

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

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

5.Importance of Professional Guidance:

- The hosts highlight 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, particularly when dealing with 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 [e-mail] or call 503-308-8733, and your query might be featured in a future episode!

Resources Mentioned:

- The Overtaxed Doctor's Retirement Investing Checklist:

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

Disclaimer:

Physician Family Financial Advisors Inc., a registered investment advisor, has reasonable belief that the information and content as a whole does not include any false or materially misleading statements or omissions of facts regarding services, investments, or client experience. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Information expressed does not take into account the specific situation or objectives of individuals and is not intended as recommendations appropriate for all individuals. Listeners are encouraged to seek advice from a qualified tax, legal, or investment adviser to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.