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.
22:55
forum Ask episode
web_stories AI Snips
view_agenda Chapters
auto_awesome Transcript
info_circle Episode notes
question_answer ANECDOTE
Squeaky Wheel Won A Mega Backdoor Roth
Dr. Brian Reichenbach repeatedly requested an after-tax 401(k) option and found it added to his employer plan this year.
He now uses it to perform mega backdoor Roth contributions and can push his plan contributions toward the annual limits.
volunteer_activism ADVICE
Get On The 401(k) Committee
Join your employer's 401(k) committee because meetings are infrequent and you can influence plan features.
Small changes can scale across many employees, so advocate for Roth/after-tax options and in-plan conversions.
question_answer ANECDOTE
Volume And Availability Drove Income
Dr. Reichenbach boosted income mainly by being busy and available to patients over many years.
He typically sees between 30 and 40 patients per clinic day, which materially increased earnings.
Get the Snipd Podcast app to discover more snips from this episode
We loved hearing from this doc about how he advocated for changes to be made to his employer 401(k) plan. After a few years of requests he was happy to find they had added an option to have some after-tax contributions and in-service distributions that allows for mega back door Roth contributions. We love to see you making educated and positive changes in your workplace! Stick around after the interview for a discussion on tax brackets.
If you are finding our podcasts informative and helpful, check out our website! Since 2011 we have been working hard to provide valuable personal finance and investing information through thousands of blog posts written by an array of authors. You can find information on how to manage your student loans, fix and avoid common financial mistakes, understand your retirement accounts, optimize your investments, find professional help at a fair price, get started investing in real estate, and so much more, all at no cost to you. You can find out more about the courses we offer, the conferences we put on, the newsletters we provide, and interact with other WCI readers through our online forum. Head on over to https://www.whitecoatinvestor.com to start learning today. You can do this and The White Coat Investor can help.
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 channel is for you!
White Coat Investor Podcast