Financial advice for a newbie high earner

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Re: Financial advice for a newbie high earner

Postby ziszew » Wed Mar 20, 2013 10:27 pm

BolderBoy wrote:
make_a_better_world wrote:For setting up the backdoor Roth- if I have a traditional IRA now with 3k in it, what should I do about this account? I have not contributed anything for 2013.


You'll take a tax hit in the short-term, but you can do the max tIRA contribution this year, then...

I would convert the ENTIRE tIRA to a rIRA this year, so that you have no tIRAs of any sort left on Dec 31, 2013 (but leave the empty account open - Vanguard will allow this, for example). Your income is going to be so high that you will not qualify for any deductible tIRA contributions going forward so there is nothing lost in doing this and the tax you'll pay on the Roth conversion this year is insignificant when compared with the backdoor Roth conversions you can do going forward.

Then, starting on Jan 2, 2014 do the backdoor Roth conversion trick that others have suggested. Repeat every year on Jan 2.


Having that small tIRA amount in the account will come up every year when you do the conversion if you leave it as is; it's a mess you probably want to avoid. Given the amount and the potential ongoing tax-sheltered space, converting it now is probably the best bet.

Remember your Form 8606 on the non-deductible contributions for this year and going forward; as BolderBoy said it will be a rinse-repeat each year after this one (and minimal taxes on any gains made during the brief waiting period your non-deductible contribution makes in the tIRA before converting). The wiki page has the details.
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Re: Financial advice for a newbie high earner

Postby letsgobobby » Wed Mar 20, 2013 10:52 pm

Live exactly like a resident for five years and like a fellow for five more, and you'll be financially independent within 20 years.
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Re: Financial advice for a newbie high earner

Postby pingo » Wed Mar 20, 2013 10:53 pm

make_a_better_world wrote:I have made a Word document with many of the things mentioned in this thread to seriously look into.


Or you could just bookmark this thread, eh?

:D
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Re: Financial advice for a newbie high earner

Postby Baseballmom94 » Wed Mar 20, 2013 11:20 pm

Make_a_better_world, (great screen name by the way), Congratulations on completing your long journey of medical training! You are starting out on a good solid footing by only being $30,000 in debt after medical school....that's really fortunate and amazing! You are very smart to be asking advice now. It is overwhelming to go from living on a resident's salary to over half-million dollars a year but if you take things slowly and don't make any drastic lifestyle changes right away, you'll do fine. You asked about where you could go for trust-worthy advice. This site is great and there are many helpful and conservative-minded people here. If you want more personal advice, you may want to ask around and find a fee-based financial planner.

You've been given very good advice here to get you started in regards to disability insurance, maxing out IRA's etc. I will caution you that insurance agents will try to sell you a whole life policy. Don't fall into that trap! One thing that I would agree with is that you will be targeted by many investment people and young women...make sure that when you choose a spouse, that she has a like-minded view about finances. Hint: look for a medium-maintenance gal instead of a high-maintenance one! :wink: They are out there! If you are not both on the same wavelength as far as saving and spending money, it will only cause friction and resentment in the marriage. I'm the wife of an E.R physician, my brother is a cardiologist and my son is a pre-med undergraduate student so I have a well-rounded perspective on the lives of physicians' families. My husband works with many guys who work extra hours to pay for the $800,000 Mcmansions, the second vacation homes and to pay for all the extra things their wives want. Some of them have been through divorces and are working extra hours and longer into their careers just to pay alimony. My husband and I both happened to grow up in conservative/frugal families and we have always lived below our means. We spend about 1/3 of our income, save/invest 1/3 and the other 1/3 goes to income taxes. If you are able to follow that formula, you will do just fine. Several people here have mentioned buying a luxury car. A lot of docs that I know drive SUVs....depending on where you live and if you need to get through snow when you're on call in the middle of the night, you may want to consider that. Best of luck to you as you begin your career...you are starting out on the right path!
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Re: Financial advice for a newbie high earner

Postby DTSC » Wed Mar 20, 2013 11:45 pm

Baseballmom94 wrote:Make_a_better_world, (great screen name by the way), Congratulations on completing your long journey of medical training! You are starting out on a good solid footing by only being $30,000 in debt after medical school....that's really fortunate and amazing! You are very smart to be asking advice now. It is overwhelming to go from living on a resident's salary to over half-million dollars a year but if you take things slowly and don't make any drastic lifestyle changes right away, you'll do fine. You asked about where you could go for trust-worthy advice. This site is great and there are many helpful and conservative-minded people here. If you want more personal advice, you may want to ask around and find a fee-based financial planner.

You've been given very good advice here to get you started in regards to disability insurance, maxing out IRA's etc. I will caution you that insurance agents will try to sell you a whole life policy. Don't fall into that trap! One thing that I would agree with is that you will be targeted by many investment people and young women...make sure that when you choose a spouse, that she has a like-minded view about finances. Hint: look for a medium-maintenance gal instead of a high-maintenance one! :wink: They are out there! If you are not both on the same wavelength as far as saving and spending money, it will only cause friction and resentment in the marriage. I'm the wife of an E.R physician, my brother is a cardiologist and my son is a pre-med undergraduate student so I have a well-rounded perspective on the lives of physicians' families. My husband works with many guys who work extra hours to pay for the $800,000 Mcmansions, the second vacation homes and to pay for all the extra things their wives want. Some of them have been through divorces and are working extra to pay alimony. My husband and I both happened to grow up in conservative/frugal families and we have always lived below our means. We spend about 1/3 of our income, save/invest 1/3 and the other 1/3 goes to income taxes. If you are able to follow that formula, you will do just fine. Several people here have mentioned buying a luxury car. A lot of docs that I know drive SUVs....depending on where you live and if you need to get through snow when you're on call in the middle of the night, you may want to consider that. Best of luck to you as you begin your career...you are starting out on the right path!



Excellent advice given. Agree with everything you wrote, but I'm not sure the OP is male or that he or she is interested in gals though! The Gen Surg department in my group is 60% women (though 90% testosterone driven).
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Re: Financial advice for a newbie high earner

Postby Kelly Brackett » Thu Mar 21, 2013 8:43 am

Just another emergency doctor.

Speaking as someone who refers patients to cardiologists, I think the idea that a car influences my preferences is comic, pure hilarity. Seriously, who would think like that?

I refer patients to cardiologists who are competent, personable, and who return the call promptly when I page them. Being a good doctor, and a good person, counts.
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Re: Financial advice for a newbie high earner

Postby Baseballmom94 » Thu Mar 21, 2013 9:37 am

DTSC wrote:
Excellent advice given. Agree with everything you wrote, but I'm not sure the OP is male or that he or she is interested in gals though! The Gen Surg department in my group is 60% women (though 90% testosterone driven).



Good point, DTSC....I shouldn't have assumed this. :D No matter if the OP is male or female or is interested in men or women, the advice is the same....men can be gold diggers as well!! :moneybag The main point is to make sure that anyone you become involved with is not looking simply for a luxurious lifestyle but understands the importance of saving for retirement. I don't know what the burnout rate is for cardiologists but I know that my husband wants to step down from full-time ER work by age 60. He has lots of other consulting and public speaking work that he does so he will probably always have some part-time jobs. The main thing is that if our young cardiologist doesn't feel the need to maintain the "doctor" image, he can live VERY comfortably without taking on tons of debt and when he is age 50, he will have the luxury of the option to decide to keep working full-time or take on less stressful work. That comfort level is worth more than so many material things. My husband always says that he likes the fact that he knows he can afford the boats, vacation homes, etc. that his colleagues have but he chooses not to have these things. My next door neighbors (not physicians) have every toy you can imagine -- 2 boats, huge house with a $200,000 basement that looks like a high-end pub, expensive cars, a full-size RV that they use just for college football tailgating. They threw massive parties a few times a year. Well, they are now going through a messy divorce because the guy left for another woman. The moral of this story? Material things do not buy happiness but then most people on this board already know this, right? 8-)
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Re: Financial advice for a newbie high earner

Postby letsgobobby » Thu Mar 21, 2013 10:01 am

We make about half the OP and finished residency about the same age with about the same amount of debt and we will also have the option of working or not by 50. Even with two kids! He or she could probably do it by 40 or no later than 45 (like you I said 20 years, but upon further reflection I think s/he could do it even faster - may or may not be his/her goal). We lived like residents for 5 years, and then slowly let out the reins but still save half our income.

I guess they don't judge shrinks by their cars or I'd be out of a job.
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Re: Financial advice for a newbie high earner

Postby make_a_better_world » Thu Mar 21, 2013 10:25 am

I can't thank everyone enough. Just to show I read every last word in this thread:

I'm a guy, and I look forward to the prospect of being a target of young girls.

As for the car, I'll probably end up somewhere in the middle. I'll get rid of my dear Toyota after I save some cash and get something new (or close to new), but it doesn't have to be ostentatious. The amazing thing is that the car is still running great. In its whole life and beside usual maintenance like tires or belts, I have put it in the shop twice (starter died and one fuel injector, total cost ~1k at overpriced dealership). Never anything inside the engine. 229k miles as of now. The Toyota mechanics tell me they see them hit 300k miles commonly.
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Re: Financial advice for a newbie high earner

Postby DTSC » Thu Mar 21, 2013 10:56 am

make_a_better_world wrote:I can't thank everyone enough. Just to show I read every last word in this thread:

I'm a guy, and I look forward to the prospect of being a target of young girls.

As for the car, I'll probably end up somewhere in the middle. I'll get rid of my dear Toyota after I save some cash and get something new (or close to new), but it doesn't have to be ostentatious. The amazing thing is that the car is still running great. In its whole life and beside usual maintenance like tires or belts, I have put it in the shop twice (starter died and one fuel injector, total cost ~1k at overpriced dealership). Never anything inside the engine. 229k miles as of now. The Toyota mechanics tell me they see them hit 300k miles commonly.


If the car's been good to you, why not just keep it? Shop for but don't buy a new car. If and when the Toyota dies, you can pull out some cash and buy a new car then. The old Toyota will help you in discouraging the young girls who are gold diggers and help find a wife/gf who wants someone who doesn't live extravagantly.

Another thing to consider for a (interventional?) cardiologist - if you work hard and are successful, you might exceed your lifetime radiation dose and be forced to stop doing interventional work (it's happened to a couple Cardiologists I know). So again, it's good to live within your means so you won't be in a lurch if forced to retire prematurely.
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Re: Financial advice for a newbie high earner

Postby spotty_dog » Thu Mar 21, 2013 11:06 am

make_a_better_world wrote:As for the car, I'll probably end up somewhere in the middle. I'll get rid of my dear Toyota after I save some cash and get something new (or close to new), but it doesn't have to be ostentatious. The amazing thing is that the car is still running great. In its whole life and beside usual maintenance like tires or belts, I have put it in the shop twice (starter died and one fuel injector, total cost ~1k at overpriced dealership). Never anything inside the engine. 229k miles as of now. The Toyota mechanics tell me they see them hit 300k miles commonly.


Brilliant! :) I know a physician who drives a 20-year-old Toyota with a bumped fender and 160K miles. Purrs like a kitten.
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Re: Financial advice for a newbie high earner

Postby l2ridehd » Thu Mar 21, 2013 11:36 am

I worked in a different industry, but had about the same type income and it is tough to minimize taxes. Use the 401K to the maximum every year. See if your employer has or will set up a Jacob's or Rabbi trust for everyone. This allows high wage earners to set aside an amount each year that is taxed deferred until you retire. I used to put 50K to 100K in each year. Taxes are deferred until withdrawn. There are lots of restrictions like you have to determine a future withdrawal plan each year prior to the deferral. You have to determine the amount you will defer each year a year in advance. And you have some limits on investment selections. Also you get in line behind everyone else if there is a bankruptcy. All are somewhat minimized, but still a good deal for high wage earners.

I also have rental properties. Yes the benefits are phased out, however not lost. They are deferred until you have lower earnings. There are strategies to make this work for you. I changed jobs one time and took 8 months off. This allowed those deferred losses to kick in against the 4 months income. Also when retired and the 10 year deferred income kicks in, hopefully I can use the deferred losses at that time.

Pay off the student loan as that is a guaranteed rate of return for you. Donate to charity, buy a house, and go get a new car. Reward yourself some, however always live below your means. Pick a number like 10% or 20% of your after tax income and save and invest it every year. Don't ever touch it until you retire no matter what. Think about this. If your take home ends up someplace around 300K, couldn't you live just as well on 250K and save 50K? This is already taxed savings that you can invest in low taxed ways and use to retire early and bridge the gap between early retirement and those 401K, retirement plans, SS, and Rabbi trust incomes.

I personally would chose a 4 fund portfolio of Vanguard total stock market, Total International, small cap value and total world except US FTSE small cap value. All Vanguard index funds with low tax consequences and use the 401K for bonds. Again minimal taxes and decent returns. You have a ton of human capital remaining so these investment become very low risk for you.

In summary. Live below your means. Focus on tax savings. Save every year some predetermined % of income and never touch it. Invest for your future. And spend some now to enjoy your success. Buy a new Mercedes or BMW, what every your dream car is.
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Re: Financial advice for a newbie high earner

Postby dhodson » Thu Mar 21, 2013 12:18 pm

spotty_dog wrote:
make_a_better_world wrote:As for the car, I'll probably end up somewhere in the middle. I'll get rid of my dear Toyota after I save some cash and get something new (or close to new), but it doesn't have to be ostentatious. The amazing thing is that the car is still running great. In its whole life and beside usual maintenance like tires or belts, I have put it in the shop twice (starter died and one fuel injector, total cost ~1k at overpriced dealership). Never anything inside the engine. 229k miles as of now. The Toyota mechanics tell me they see them hit 300k miles commonly.


Brilliant! :) I know a physician who drives a 20-year-old Toyota with a bumped fender and 160K miles. Purrs like a kitten.



i purchased my first new car after being a physician for about 13 years. I purchased an acura tl. i recommend it. Not too expensive and seems very reliable/comfortable.
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Re: Financial advice for a newbie high earner

Postby billjohnson » Thu Mar 21, 2013 1:49 pm

.....
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Re: Financial advice for a newbie high earner

Postby jjbiv » Thu Mar 21, 2013 4:52 pm

DTSC wrote:Another thing to consider for a (interventional?) cardiologist - if you work hard and are successful, you might exceed your lifetime radiation dose and be forced to stop doing interventional work (it's happened to a couple Cardiologists I know).


Is there any literature on this? I've never heard of anyone in the medical field being forced to stop working due to reaching a lifetime radiation exposure limit (of course, this isn't to say that it hasn't ever happened). I'm genuinely interested in this. Thanks!
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Re: Financial advice for a newbie high earner

Postby DTSC » Thu Mar 21, 2013 5:10 pm

jjbiv wrote:
DTSC wrote:Another thing to consider for a (interventional?) cardiologist - if you work hard and are successful, you might exceed your lifetime radiation dose and be forced to stop doing interventional work (it's happened to a couple Cardiologists I know).


Is there any literature on this? I've never heard of anyone in the medical field being forced to stop working due to reaching a lifetime radiation exposure limit (of course, this isn't to say that it hasn't ever happened). I'm genuinely interested in this. Thanks!



A quick google search turns this up

http://www.mcw.edu/FileLibrary/User/mma ... llabus.pdf
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Re: Financial advice for a newbie high earner

Postby pingo » Thu Mar 21, 2013 6:41 pm

make_a_better_world wrote:As for the car, I'll probably end up somewhere in the middle. I'll get rid of my dear Toyota after I save some cash and get something new (or close to new), but it doesn't have to be ostentatious. The amazing thing is that the car is still running great.


You'll make enough to do as you please, but it reminds me of a friend (almost 20 years ago) who had a completely unsexy Civic wagon. Well, I say unsexy because that's what she thought. I really liked the car. It ran and ran and never had problems, but she ditched it for something cooler and lived to regret it. Loads of problems.

The grass is always greener...
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Re: Financial advice for a newbie high earner

Postby mikefixac » Wed Apr 24, 2013 7:13 pm

Congratulations, Doctor.

Everntually every thread runs its course, and this one too.

So here's my $.02: Read Early Retirement Extreme and Mr Money Mustache blogs

&

Don't allow your patients to read this book:

http://www.heartattackproof.com/

(I wonder if there's one heart surgeon that has this book in their waiting room. I doubt it.)
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Re: Financial advice for a newbie high earner

Postby Murdoch » Wed Apr 24, 2013 7:56 pm

Congrats on the job.
Before I started med school I was a physiotherapist, and contracted to several private hospitals for orthopaedic and gastro surgical units. One weekend I remember riding my 110cc Honda motorbike into the underground car park and parking between a rolls Royce, a Ferrari, and a Mercedes across the other side. "Sweet cars" I thought at first till I thought about the ongoing registration, service, running, and insurance costs. Looked back at my precious motorbike, gave her a pat on the bottom, and was glad. Nothing like reliability, low cost, and low maintenance in your form of transport.
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Re: Financial advice for a newbie high earner

Postby letsgobobby » Wed Apr 24, 2013 11:16 pm

michaelcross wrote:Congratulations, Doctor.

Everntually every thread runs its course, and this one too.

So here's my $.02: Read Early Retirement Extreme and Mr Money Mustache blogs

&

Don't allow your patients to read this book:

http://www.heartattackproof.com/

(I wonder if there's one heart surgeon that has this book in their waiting room. I doubt it.)

Interesting excerpt:

No meat, poultry, or fish.
No avocado, nuts, or coconut.
No dairy.
Not a drop of added oil, not even olive oil.

Uh, I think I'll take the heart attack, please.
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Re: Financial advice for a newbie high earner

Postby stoptothink » Wed Apr 24, 2013 11:30 pm

letsgobobby wrote:
michaelcross wrote:Congratulations, Doctor.

Everntually every thread runs its course, and this one too.

So here's my $.02: Read Early Retirement Extreme and Mr Money Mustache blogs

&

Don't allow your patients to read this book:

http://www.heartattackproof.com/

(I wonder if there's one heart surgeon that has this book in their waiting room. I doubt it.)

Interesting excerpt:

No meat, poultry, or fish.
No avocado, nuts, or coconut.
No dairy.
Not a drop of added oil, not even olive oil.

Uh, I think I'll take the heart attack, please.


Completely off track as well, but I wouldn't allow my patients to read it either. Esselstyn is one of several vegan proponents (Campbell, Furhman, Barnard, Kempner, Pritikin, etc.), none of which even agree among themselves. 2 words: Inuit Paradox.
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Re: Financial advice for a newbie high earner

Postby upsydaisy » Mon Jul 15, 2013 9:33 pm

Hi,

I have been in a similar position to yours in that I basically earned nothing for years and then, very suddenly, started earning a lot all at once (different career, but same effect). I have just one piece of advice:

Try, really, really, really hard, to cling to the lifestyle you already have. Chances are you're happy, contented and enjoy life. Question each and every new thing you can now suddenly afford. Every extra cost you add actually has THREE costs: a) the cost of acquiring it now, b) the fact that it's just pushed your retirement back and c) the fact that when you hit retirement you now need to maintain this cost/lifestyle. Most things, I have found, are simply not worth it. Some are. What is and isn't is a completely personal question and, given how hard you must have worked and how much you will now make, you should absolutely feel good about enjoying a few, but just don't fall into the trap of wanting all of it.

Congratulations and good luck!

- ud
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Re: Financial advice for a newbie high earner

Postby inbox788 » Tue Jul 16, 2013 12:06 am

Cash wrote:
Any advice for the 401(k) vs the Roth 401(k)? It seems that if I were to ever lose my job, I could roll the Roth 401(k) to a Roth IRA and then I would at least have access to my contributions. Does that sound right?


No. In your tax bracket, you want to go with a traditional 401(k). With a Roth, you pay taxes on your contributions up front at your very high marginal tax rate. With a traditional, those taxes are deferred until retirement, when you will likely be in a much lower tax bracket.


You've gotten a lot of good advice, as well as some bad/irrelevant (possibly mine as well), but I'd chime in with a few more.

Valuethinker has a very good list. Revisit it again. I'll reiterate the suggestion/requirement for disability insurance. Ignore the noise about the car as long as its less than $50-60k, it will become a footnote. Lease a 3 series or as some mentioned a Lexus for the next 3 years, and it's unlikely you'll spend more than $500/mo. Make sure you have adequate insurance, and soon, you will be needing an umbrella policy. Rent or buy a modest home. Same difference.

Find a fee only financial advisor and get some unbiased professional advise and planning. It may take a while to find the right one. Avoid insurance sales or brokerage based, and only those that get paid by the hour. Don't buy unnecessary life insurance especially whole, variable or universal.

Many programs are income capped, so you won't be eligible or will max out benefit quickly. I will predict that your tax bracket will NOT be lower in retirement so I'd suggest just the opposite. Max out the Roth 401k because it shields more future income (after tax vs. pretax). You'll run out of tax breaks quickly, so between the financial planner and a good tax accountant, see if there are additional strategies not address here.

Pay off your student loan when convenient. Not because of any financial benefit of some percentage return, but because it's one less account to bother with. Keep life simple.

Are you a partner or have ability to change compensation? There may be ways to optimize costs. Are they covering your malpractice insurance? Would assume they are. There are ways to structure retirement plans for owners and partners that far exceed employee limits, so keep this in mind for now or for when you break out on your own.
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Re: Financial advice for a newbie high earner

Postby Cash » Tue Jul 16, 2013 6:45 am

inbox788 wrote:I will predict that your tax bracket will NOT be lower in retirement so I'd suggest just the opposite. Max out the Roth 401k because it shields more future income (after tax vs. pretax).


There are many ways to reduce one's tax liability in retirement. Livesoft, for instance, has several posts about this. However, with a Roth 401(k), the OP is guaranteed to make contributions at his/her currently high marginal tax rate. Better to take the deduction now (one of the few available at this income level), invest the tax savings, and minimize tax liabilities during retirement.
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Re: Financial advice for a newbie high earner

Postby Steady59 » Tue Jul 16, 2013 7:21 am

Best quote of the thread
I'm a guy, and I look forward to the prospect of being a target of young girls.


And now the advice,

Enjoy, but just be careful big boy!
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Re: Financial advice for a newbie high earner

Postby kingsnake » Tue Jul 16, 2013 1:52 pm

I'll tell you what I would do/did:

1) pay off the loans, they are just an annoyance and you can pay them off in a couple months
2)Keep the car for 1-2 more years, only an idiot just out fellowship would jump into a luxury car right away, IMHO
3)Then the basics: Max out 401K, backdoor Roth, 10K I bonds per year, max HSA if you have one, then low cost index fund taxable account
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Re: Financial advice for a newbie high earner

Postby inbox788 » Tue Jul 16, 2013 3:37 pm

bornloser wrote:You absolutely MUST max out your 401k at 51k and backdoor Roth ever year.


How do you get past the $17.5k maximum? Are you figuring 10% income and using post tax? Maximizing Roth 401k first?
"http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics---401(k)-and-Profit-Sharing-Plan-Contribution-Limits" http://goo.gl/kQ4Jm

How do you get around the IRA phase out? Can you make additional post tax contributions to IRA like 401k? If so, is there a difference if these post tax contributions go to t401k vs tIRA?
http://www.irs.gov/publications/p590/ch01.html

[edit: found an answer. Looks like the 401k post tax limit was $50k in 2013 and indexed for inflation to $51k in 2013. http://www.money-zine.com/financial-pla ... up-limits/
There's still the choice of t401k vs Roth 401k that shelters more after tax income for the first $17.5k, but if a majority of the $51k is backdoor Roth, there's an argument for diversification with t401k here. As far as t401k vs tIRA, it seems there are enough bad 401k plans out there that in general it's preferable to control your own destiny and have future options with your own tIRA.]
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Re: Financial advice for a newbie high earner

Postby inbox788 » Tue Jul 16, 2013 4:09 pm

Cash wrote:
inbox788 wrote:I will predict that your tax bracket will NOT be lower in retirement so I'd suggest just the opposite. Max out the Roth 401k because it shields more future income (after tax vs. pretax).


There are many ways to reduce one's tax liability in retirement. Livesoft, for instance, has several posts about this. However, with a Roth 401(k), the OP is guaranteed to make contributions at his/her currently high marginal tax rate. Better to take the deduction now (one of the few available at this income level), invest the tax savings, and minimize tax liabilities during retirement.


There are benefits to tax diversification and having both. Also, state tax plays a role. So different assumptions may lead to different conclusions. There's marginal tax rates, and maximum tax rates, and 30+ years of tax changes. Some assume no change, other more conservatively assume rates will increase somewhat. I've yet to see a good example where future tax rates will be lower for current high income earners.

If you can link a some of these discussions, I'd appreciate it.
[edit: found one! viewtopic.php?t=87471
Also, reviewing this may be relevant: http://www.bogleheads.org/wiki/Principl ... _Placement
I'm still leaning Roth 401k at this time, but more equivocal]

Meanwhile, here's a bunch of t401k vs Roth discussions with mixed and confusing conclusions.

viewtopic.php?t=37942
viewtopic.php?t=14166
viewtopic.php?t=24259
viewtopic.php?t=58790
viewtopic.php?t=65836
viewtopic.php?p=853567
inbox788
 
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Re: Financial advice for a newbie high earner

Postby MrMiyagi » Wed Jul 17, 2013 5:55 am

Congratulations! Good advice here that I'll read as well, although I'll never reach your level of salary! I would probably avoid mentioning your salary though. People will just read the number and grumble "oh so that's why healthcare costs so much" and not bat an eye at how much the healthcare administrators think. The doctor is always the enemy. They don't care that you've been living as a pauper for the last 15 years.
MrMiyagi
 
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