In a Physician's Practice article, Steven Podnos, MD, CFP, a critical care physician and principal of Wealth Care, discusses common mistakes physicians make in retirement planning.
Here are the six common mistakes:
1. Using an insurance or brokerage-based plan.
2. Not using a customized plan with an independent third-party administrator and fiduciary investment adviser.
3. Not funding a pretax-retirement plan early and aggressively.
4. Not considering a defined benefit plan if you are older than 45 and in independent practice.
5. Using a SEP IRA instead of a 401K if you have employees.
6. Converting to Roth IRAs or funding a Roth 401K during your high income years.
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