189: Inherited IRAs

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 17 December 2020

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you are fortunate enough to inherit an IRA there are some things you should know. Inherited IRAs, also known as stretch IRAs (https://www.whitecoatinvestor.com/new-stretch-ira/) have changed this year. You can no longer leave it to your great grandchild and have them stretch it over the next 80 years. They have to withdraw all the money in year 10. But a listener asked how this affects the backdoor Roth IRA, when it makes sense to roll the IRA over, and whether you can roll these over in the same way as you would other accounts. We delve into these questions in this episode for those looking forward to an inherited IRA.

For the rest of you, we talk about whether you should do Roth or tax-deferred 401K contributions, rebuilding your practice during COVID, rebalancing your accounts, whether a medical student should buy disability and umbrella insurance, and what to do if you should have done your Roth IRA through the backdoor but you didn't. Check out the full show notes here https://www.whitecoatinvestor.com/inherited-iras-podcast-189

This podcast is sponsored by Bob Bhayani at drdisabilityquotes.com. He is an independent provider of disability insurance planning solutions to the medical community in every state and a long-time White Coat Investor sponsor. He specializes in working with residents and fellows early in their careers to set up sound financial and insurance strategies. If you need to review your disability insurance coverage to make sure it meets your needs or if you just haven’t gotten around to getting this critical insurance in place, contact Bob at drdisabilityquotes.com today by email [email protected] or by calling (973) 771-9100.

Transcript

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0:00.0	This is the White Code Investor Podcast, where we help those who wear the White Code get a fair shake on Wall Street.
0:06.0	We've been helping doctors and other high-income professionals stop doing dumb things with their money since 2011.
0:12.0	Here's your host, Dr. Jim Dolly.
0:18.0	This is White Code Investor Podcast number 189 and Heritage IRAs.
0:23.0	Let's start with our quote of the day today. This one comes from Phil DeMuth, PhD,
0:27.0	who said, as we seek the financial advisory help we unquestionably need,
0:31.0	these helpers like 18th century doctors are just as likely to harm us.
0:35.0	The simile is apt, because the prescribed treatment inevitably will entail the application of leeches.
0:41.0	Always a good quote from Phil.
0:43.0	Thanks for what you do. You're hanging in there. We're in a pandemic.
0:47.0	It's going to get better eventually. I hope you're looking forward to a good holiday season.
0:52.0	I hope you have some time off maybe to spend, at least with your immediate family if you can't get out and see any extended family, of course.
0:59.0	But thanks for what you're going through and for the difficult work that you do day to day.
1:04.0	Our sponsor for this podcast is Bob Bionney at drdisabilityquotes.com,
1:08.0	an independent provider of disability insurance planning solutions to the medical community nationwide.
1:14.0	And a long time sponsor.
1:16.0	He works with residents and fellows and young attendings to set up sound financial and insurance strategies.
1:21.0	If you need to review your disability insurance coverage to make sure that it still meets your needs,
1:26.0	or if you just have never gotten it in place to start with,
1:29.0	give them a call today 973719100 or email him info at drdisabilityquotes.com.
1:37.0	All right. Let's start with a gather question.
1:40.0	Let's take this one from Bill from Wisconsin.
	...

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