Money Meets Medicine Podcast
MMM #26: The 457 Plan. A Secret FIRE Weapon?
Non-governmental 457 plans are among some of the most confusing retirement plans that exist. Yet, they can also prove to be one of the most effective ways to bridge the early retirement gap before age 59.5 for those who plan to retire early. Want to know the details? Keep reading to find out more.
What You’ll Learn:
In the latest Money Meets Medicine you’re going to learn everything you need to know about 457 plans, including:
- Why the 457 plan may be the best route for FIRE.
- The difference between 401k, a 403b, a 457, and more!
- The pros and cons of 457s.
- The difference between a governmental and a non-governmental 457 plan.
- What’s the best investment option for you?
- And more!
Resources from the Episode:
Should I Invest in My 457 Plan?
Vanguard Calculator for Retirement Number
This Episode’s Sponsor
This episode is brought to you by Physician Wealth Services. You may have heard of it before, and that’s because it is the flat fee-only firm run by none other than my co-host Ryan Inman.
I’ve known Ryan for some time now and I can tell you two things about Ryan that stand out. The first is his practice structure, which provides a fair flat fee that is both transparent and fair. It certainly meets the gold-standard that I tell my students to find. The second is that Ryan and his practice partner Kayce do everything within their power to optimize and individualize plans to best suit their clients’ needs.
This is one of the reasons that Physician Wealth Services makes my very small list of recommended financial planners. If you want to see if Physician Wealth Services would be a good fit for you, visit https://thephysicianphilosopher.com/Inman to schedule a free introductory call. That’s https://thephysicianphilosopher.com/Inman.
Listener Question of the Week:
This episodes’ listener question comes from Tommy Thompson via twitter,
How do I figure out how much I need to retire?
Each episode, we are going to start including listener questions as they are provided to us. So, if you have a specific question you’d like answered on the podcast reach out to us! Email [email protected] or [email protected]
Subscribe in Your Podcast Player:
Seriously, though, go leave a review. It helps others find the Money Meets Medicine podcast, too.
TPP
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MMM 89: Personal Finance Masochism & Physician Self-Compassion
Is there a purchase you’ve been thinking about, but are afraid you should be spending your money in “better ways?” Listen along today as we talk about that Porsche 981 Cayman S, house, or expensive vacation you want, and how to get it. Learn how you can save for tomorrow while you also enjoy today.
MMM 88: Do Doctors Really Need Emergency Funds?
Physician turnover is high, specifically after the first 2-5 years of training. With doctors changing jobs so often, it is important to establish an emergency fund early on (and to consider the cost of leaving a job in medicine).
So today we wanted to dive into why everyone, including us, says you need an emergency fund, where you should put that money, what to use it for, and what NOT to use it for. We are also going to do some real talk on doing the math BEFORE you decide to either change jobs or leave medicine altogether.
Are you ready to live a life you love?
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