Many ER docs may not be aware of cash balance pensions. These are a type of retirement plan that can really supercharge retirement savings and minimize tax liability. But buyer beware: these aren’t a DIY solution. That’s one of several reasons why they are underutilized despite being an extremely attractive option for saving large sums of money.

On today’s episode, we’ll discuss these relatively complex plans and how they may be the best tool to help guide ER docs to their retirement goals.

Conventional wisdom would suggest that becoming more educated should result in earning more money. And when you combine that sentiment with ambitions of change either within or outside of emergency medicine, seeking an Executive MBA may be an appealing option, especially for an ER doc looking to reduce clinical hours. But when it comes to EM, more money and a better opportunity may not be as matter of fact as it is with other careers.

On today’s episode, we’ll discuss our experience with clients who have pursued and obtained their Executive MBA and what changes it led to personally, professionally, and of course, financially.

It’s no surprise EM has experienced volatility over the past decade. Whether it’s in the form of general healthcare structure, insurance, government programs, private equity, and, importantly, compensation, it’s clear things may not be running as efficiently as they should be. This has led to talks of unionization growing in popularity as a means to make long-desired improvements.

On today’s episode, we’ll discuss the history of unions, review a study recently issued on this topic, and of course relay the messages and sentiments we’ve received from clients.

The majority of ER docs will earn contractor pay at some point in their career, which opens the door to new types of retirement accounts. One highly praised type is the individual 401(k). With all the great potential it brings, it also comes with additional responsibilities that can easily be overlooked if not careful, especially when considering the sheer number of tax deadlines and responsibilities an ER doc has.

On today’s episode, we’ll discuss the upcoming Form 5500 deadline, go over the scary consequences of not filing it, and conclude with what can be done if you realize you haven’t filed in the past when you were liable to.

Maslow’s Hierarchy of Needs is a psychology theory that details our motivations as humans. Within that model, things like food, water, and health are all vital. But so, too, are employment status and property – actually within the same tier as health and safety. That shouldn’t be a surprise; our ability to fund our survival goes hand-in-hand with surviving itself. Yet, it’s almost like our brains can’t wrap around the concept that we will not work at some point in the future, whether we care to or not. That means the planning we do with our money today serves as the replacement for the work we won’t be able to do in the future.

On today’s episode, we’ll remind listeners of the importance of making incremental progress toward financial goals and adhering to a plan.

What does the termination of a deferred compensation plan actually mean for employees? In the case of Envision, it appears to mean receiving a windfall of money upfront that was likely earmarked for retirement purposes. And if that wasn’t challenging enough, there’s inevitably going to be a tax hit that may not be fully realized until over a year after the funds are received. That’s a lot of responsibility and will definitely test the discipline and planning system of these affected ER docs.

So in today’s episode, we’ll discuss the specifics of Envision’s deferred comp plan termination (dates, distributions, and of course the tax impacts you should be aware of), but also give our insight into these plans in general when it comes to a savings option for ER docs.

There’s been a recent uptick in longevity protocols, research, medicine. There’s a lot of bio-hacking methods like fasting, ice baths, grounding, avoiding microplastics and other forever chemicals – basically it’s a hot topic and it’s exciting, enticing, and promising. However, what most people don’t consider is the financial impact of living longer. We can extend our lives, but how do we fund our lives now that we are living longer?

On today’s episode, we’ll get into the specifics of longevity as it pertains to a financial plan and asset management.

Social media is explosive and fast-paced. It’s also a breeding ground for misinformation. If you’re an ER doc who is maybe in a place where you’re looking for any opportunity to pivot out of EM, or simply looking for an alternative source of income, you may find yourself intrigued by an influencer’s unscrupulous financial advice.

On today’s episode, we’ll go over some of the common TikTok-esque financial trends clients have recently shared with us and give our words of caution on them.