In this episode, host Kristina McAteer, MD, invites Dan Forbes, CEO of Forbes Financial, to explore the intricacies of retirement planning centered around the Roth IRA. They highlight its gold standard status due to the absence of minimum distribution requirements, making it a key consideration for tax planning. Listeners learn the flexibility of investing in both Roth and traditional IRAs simultaneously, enabling yearly review of tax liabilities and strategic investment decisions. The discussion delves into maximizing retirement contributions, including the option of a backdoor Roth for high-income earners and the benefits of gifting Roth IRAs to future generations. Furthermore, recent legislative changes regarding 529 Plans and Roth IRAs are discussed, providing valuable insights into evolving retirement savings strategies. Throughout, McAteer and Forbes emphasize the personalized nature of retirement planning, urging listeners to explore diverse options tailored to their individual financial goals.

Part 2 of Katherine Vesness and Dr. Kristina McAteer's discussion on how to make credit cards work for you, what types of cards are valuable and why, along with how credit scores are calculated.  Key tips on how your credit score is compiled and what you can do to optimize your score now!

The credit card: a helpful, useful, sometimes essential, occasionally financially devastating tool that occupies a major place in many families financial picture. This month we take a hard look in part one of our two part series on the credit card and how it may be used to bolster one’s financial foundation. We also examine the pitfalls and consequences of credit care usage left unchecked. Ms. Katherine Vessenes, CFP®, RFC, Founder and President of MD Financial Advisors, joins us for our monthly chat on all things finance.

We could name this one “Things I Wish I Knew Before” but it is the beginning of summer and positivity is the word!! Of course, knowing it all ahead of time is generally not in the cards for a graduating resident but we are here to help you chart that course into the life of an attending with the benefit of decades of experience from peers. Back again to assist with the transition to the next phase is our intrepid navigator of all things finance, Ms. Katherine Vessenes, JD, CFP®, RFC, Founder and President of MD Financial Advisors. Enjoy and stay cool!

Here comes the the big three...

Inflation – too many dollars chasing too few goods.  We also have an abundance of college educated workers but too few in blue collar trades so prices are increasing.

Doctors are in the cross hairs of the proposed tax increases due to the physician income.  Congress proposes to increase the tax rates but also increase the tax brackets.  Now lower income will get you to a higher percentage tax bracket. Estate taxes are also proposed to increase which will affect physicians as well.

Reduced income – physician income has been historically stagnant or marginally increase that does not keep place with inflation.  You would need a 3-4 % increase in salary each year to protect your buying power anything less you will fall behind.

It has been said that the average taxpayer shouldn't be embarrassed about not fully understanding taxes. Quite frankly, who really does? Earned Income Tax Credit, multiple exemptions, filing deadlines ~ head scratchers for most, but we are here to help! To help guide us off of the dock and into the ever shifting waters often law is our professor of finance, Ms. Katherine Vessenes, JD, CFP®, RFC, Founder and President of MD Financial Advisors.

This month we tackle the topic of inflation, the elephant in the room in any discussion on what your money can do for you long term. What is inflation? It's an economics term that means you have to spend more to fill your gas tank, buy a gallon of milk, or get a haircut. In other words, it increases your cost of living. Enjoy a deep dive on this incredibly important topic with Ms. Katherine Vessenes, JD, CFP®, RFC, Founder and President of MD Financial Advisors.

We close out 2020 with a close look at the one of the more difficult segments of the retirement journey; those years leading up to end of the voyage. It is the final few miles that contain the unseen hazards that lurk just below the waterline, and it is not uncommon to bump into a rock (or two) before dropping anchor at the retirement destination. Our intrepid navigator of all things finance, Ms. Katherine Vessenes, JD, CFP®, RFC, Founder and President of MD Financial Advisors, is back to guide us through to a safe harbor.

Happy Thanksgiving everyone…we are back with the latest installment of Money Minutes for Doctors: Retirement Basics. This month we talk about what to expect upon retirement and the necessary planning that is essential to sailing off into the sunset. Hint: it is not as easy as dropping an anchor into a seemingly safe harbor! We are pleased to welcome back Ms. Katherine Vessenes, JD, CFP®, RFC, Founder and President of MD Financial Advisors.