The podcast discusses various topics including using 457(b) money for college education, 401(k) rollovers and rebalancing, Roth contributions in peak earnings years and overfunding a Roth IRA. They emphasize the importance of prioritizing retirement savings and following an investment plan, while also discussing alternative ways to fund college. They also touch on tax-deferred and tax-free contributions to retirement accounts, the benefits and drawbacks of overfunding a Roth IRA, and promote the White Coat Investor Champions Program.
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Quick takeaways
Consider exploring the world of Locums for flexible career options.
When deciding whether to use retirement funds for college, consider overall financial situation and stability.
Deep dives
Options and flexibility in Locums
Consider local attendance for the sheer number and variety of options. Locums provides flexibility beyond short-term commitment. Talk to an expert like CompHealth to explore the world of Locums and find the best fit for your unique lifestyle and needs. From assignments close to home to opportunities across the country or even internationally, CompHealth can guide you.
Using retirement funds for children's college tuition
A firefighter with a retired 457 plan worth $400,000 considers using it to help with his children's college tuition. To make the best decision, he needs more information, but generally, rolling the funds into an IRA might offer more control and better investment options. Whether to use the money for college depends on his overall financial situation. Taking care of retirement first is important, but helping children with college can be considered if there's enough financial stability.
Choosing between cash and bond funds
An investor is rebalancing their 401k and ponders whether to leave money in cash or invest in a bond fund. While money market yields may currently be higher than bond funds, the decision depends on your investing plan. Following the plan is more important than timing the market. Bonds provide long-term benefits when interest rates fall, while cash is preferable if long-term yields go up. Stick to your plan and consider other short-term accounts for cash savings.
Today we talk about are if it is reasonable to use 457(b) money to help fund your child's college education, how to do a 401(k) rollover and then how to rebalance it, and we talk about if it makes sense to do Roth contributions in your peak earnings years if you plan to retire early and we answer a question about if it is ever a good idea to over fund a Roth IRA. These questions and more are answered on our episode this week.
As healthcare evolves, it means greater opportunities for you. You can learn about the growing need for locum tenens from the creators of the industry, CompHealth. These short-term assignments allow you to pay down your student loan debt faster or earn extra income. Locums also provides flexibility of schedule and location for better work-life balance. In addition to assignments across the US and abroad, CompHealth provides personalized, high-quality service, which means exploring additional options, such as a medical mission, telehealth work, or even a permanent position, and help with your CV, contract negotiations, and more. Connect with an expert at https://CompHealth.com
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!