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White Coat Investor Podcast

MtoM #138: Doc Helps Change His 401(k) Plan and Finance 101: Tax Brackets

Oct 2, 2023
22:41
Snipd AI
A doc shares his journey of advocating for changes to his employer 401(k) plan, resulting in the addition of after-tax contributions and mega back door Roth contributions. The podcast also discusses the keys to being a successful doctor and maximizing 401(k) contributions. Additionally, it debunked misconceptions about tax brackets and emphasized the importance of understanding the progressive income tax system.
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Podcast summary created with Snipd AI

Quick takeaways

  • Advocating for changes to your employer 401(k) plan can lead to the addition of options like after-tax contributions and in-service distributions, enabling mega backdoor Roth contributions and increased retirement savings.
  • Increasing patient volume and being accessible and flexible can significantly boost earnings for family physicians, emphasizing the importance of maintaining a competent staff and having a good nurse.

Deep dives

Dr. Brian Reichenbach changes his 401k

Dr. Brian Reichenbach shares how he successfully advocated for an after-tax option in his 401k, allowing him to utilize a mega backdoor Roth. This change enabled him to max out his contributions and significantly increase his retirement savings. He emphasizes the importance of being proactive and suggesting improvements to your employer-sponsored retirement plan.

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