7: Backdoor Roth IRAs and Why You Should Be Funding Them

White Coat Investor Podcast

Dr. Jim Dahle of the White Coat Investor

Medicine, Health & Fitness, Business, Investing

4.9 • 2.3K Ratings

🗓️ 16 February 2017

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

Backdoor Roth IRAs and Why You Should Be Funding Them.

If you have no idea what a Backdoor Roth IRA is, listen to this podcast. Seriously. You need to know what it is.

Most physicians should be using a personal and spousal Backdoor Roth IRA. Not only does this provide an additional $5,500 each ($6,500 each if you and your spouse are over 50) of tax-protected and (in most states) asset protected space, but it allows for more tax diversification in retirement. That allows you to determine your own tax rate as a retiree by deciding how much to take from tax-deferred accounts and how much from Roth accounts.

In this episode Dr. Dahle also answers listeners' questions about using a physician mortgage loan and prioritizing a mortgage versus paying off debt.

If you found this podcast useful visit our blog at http://whitecoatinvestor.com/ for more personal finance and investing information. Find an engaging and helpful community in our forum at http://whitecoatinvestor.com/forums/

This episode is sponsored by Sofi, one of the world leaders in student loan refinancing. Sofi has been refinancing White Coat Investor readers for several years now and refinances literally dozens and dozens of you each month. Over the last few years they have probably refinanced thousands of you to lower rates, saving millions of dollars in interest for White Coat Investor readers. You can learn more and get the special White Coat Investor deal at www.sofi.com/whitecoat

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
0:04.8	shake on Wall Street. We've been helping doctors and other high-income professionals stop doing
0:09.5	dumb things with their money since 2011. Here's your host, Dr. Jim Dolly.
0:18.8	Today's podcast is sponsored by SoFi, one of the world leaders in student loan refinancing.
0:24.2	SoFi has been refinancing White Code Investor readers for several years now,
0:28.3	and refinances literally dozens and dozens of you each month. Over the last few years,
0:32.5	they have probably refinanced thousands of you to lower rates, saving millions of dollars in
0:37.0	interest for White Code investors. You can learn more and get the special White Code Investor deal
0:41.6	at www.SoFi.com slash White Code. Thank you for what you do. You're probably commuting into your job
0:49.2	or maybe commuting home after a hard day, and sometimes it feels like you're not really making
0:53.2	much of a difference, but I can assure you you are. I had a patient last night who was pretty ill
0:59.6	when she came in. She'd apparently turned down the medics when they tried to bring her in two days
1:04.3	earlier, and by the time her roommate finally drug her in, she had kidney failure and hyponatremia
1:08.9	and some dead bowel. But you know what? At midnight, I call in the surgeon and anesthesiologist,
1:14.3	and they come in and take care of her. Even though they weren't sure they were going to be paid,
1:18.1	they weren't sure they were going to be able to make a difference, but there they were taking good
1:22.0	care of her. And that's the sort of thing that we do is high income professionals, and it really
1:27.3	makes a difference in the lives of others. We've been having a lot of fun with this podcast.
1:33.0	It's something that obviously we've never done before around here at the White Code Investor,
1:37.8	but it turns out that it really is reaching a different audience than those who will read the
1:42.4	blog or read the newsletter or participate on the forum. Thanks a lot, especially for all the great
1:47.1	feedback we've been getting. Remember that the good ratings go to your podcast provider and all the
	...

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