In this episode we answer your questions about self-employed retirement plans. If you are self-employed, open a solo/individual 401(k). If you make a lot of money, you might consider a personal defined benefit plan. Do a backdoor Roth IRA and a health savings account. Those are your retirement plans for a self-employed doc. That’s the basic setup. Anything you want to save above and beyond that goes in a taxable account. So it is not that complicated. When you get into all the details though, there can be a lot more questions. We tackle those questions in this episode. See show notes here

Bob Bhayani is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage or if you just need to get this critical insurance in place, contact Bob at today. You can email info@drdisabilityquotes.com or call (973) 771-9100.

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 for 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!

Main Website:
YouTube:
Student Loan Advice:
Facebook:
Twitter:
Instagram:
Subreddit:
Online Courses:
Newsletter:

00:00 Self-Employed Retirement Accounts
02:40 SEP IRA & The Pro-Rata Rule
02:28 Contractors vs. Employees
07:14 Changing Contractors To Employees
12:47 Side Gig SEP IRA
16:17 Changing Employees To Contractors
22:23 Taxes On S-Corp Owner Distributions
24:29 Survivor Benefit Plan
31:06 Free Insurance Offer From My Bank
37:06 Real Estate Hype
40:43 Student Loan Refinancing Rates
44:36 Wrap-Up…(read more)

LEARN MORE ABOUT: IRA Accounts

CONVERTING IRA TO GOLD: Gold IRA Account

CONVERTING IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA