WCI #213: Rules and Options for Managing Inherited Retirement Accounts
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.8 • 2.4K Ratings
🗓️ 3 June 2021
⏱️ 76 minutes
🧾️ Download transcript
Summary
If you inherited retirement accounts or anticipate leaving retirement accounts to your heirs, it is important to understand the rules and options for managing those retirement accounts. This will help you use that inherited money wisely but also make good decisions in your estate planning. We discuss what the rules and options are plus which accounts are the best to inherit and which are the worst. https://www.whitecoatinvestor.com/rules-and-options-for-managing-inherited-retirement-accounts
We also dive into the listener questions that came in while we were rafting the Grand Canyon. Student loans are on more people's minds lately. Should you refinance your student loans now? Can you invest student loan money in retirement accounts? We discuss some physician specific topics like how to choose a specialty and some non physician specific questions like the difference between being compensated by SARs vs RSUs. Lastly we answer important questions like what percentage of your income you should be saving towards retirement and how to deal with inflation and your investing portfolio.
I estimate that 80% of doctors need, want, and should use a financial advisor and/or an investment manager. Some investment gurus such as Dr. William Bernstein think my estimate is way too low. At any rate, if you want to use an advisor temporarily or for your entire life, there is no reason to feel guilty about it—just make sure you are getting good advice at a fair price. If you need help updating your financial plan or just getting one in place, check out our list of recommended financial advisors at https://www.whitecoatinvestor.com/financial-advisors. You can do this and The White Coat Investor can help.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you!
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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 No. 2.13, rules and options for managing inherited retirement accounts. |
| 0:24.0 | I'm back. This is the first podcast I'm recording since I got back from my long trip. |
| 0:30.0 | I've been gone for about five weeks. I spent three and a half weeks in the Grand Canyon. |
| 0:36.0 | I was home for four days, basically enough time to unpack and repack and work a couple of shifts. |
| 0:42.0 | Then I was off again to like Powell on a Canary trip for another week. |
| 0:47.0 | All in, I basically didn't do any White Code Investor stuff for five weeks and did minimal clinical work in that time period. |
| 0:55.0 | This is the first time in my life. I basically taken five weeks in or off. |
| 0:59.0 | I didn't do that when I came out of residency. I didn't do that when I came out of the military. |
| 1:03.0 | At no point in my clinical career have I had time like that. It was really cool. I highly recommend it. |
| 1:09.0 | One of the interesting things about it is I didn't miss work at all. Now don't get me wrong. I enjoy work. |
| 1:14.0 | When I came back, I really enjoyed sitting down and talking to patients and helping patients. |
| 1:18.0 | I'm enjoying recording this podcast and writing blog posts. But I didn't miss it at all. |
| 1:22.0 | Which I thought was interesting because that's the first time that's happened to me in my life. |
| 1:27.0 | Usually if I'm gone longer than about a week, I start kind of itching to get back and do some work. |
| 1:32.0 | Maybe I will eventually be able to retire at some point in the future. That's kind of the message that I got from it. |
| 1:39.0 | I don't have any plans to right now. A lot of people wonder if I for a while, a few years now, why don't you retire? |
| 1:45.0 | The truth is I've been able to do what I want to do despite working. |
| 1:50.0 | I felt the need to retire in order to travel or in order to spend time doing activities I love or spending time with my family. |
| 1:58.0 | I've been able to somehow manage to do it all. Part of that is because I have awesome staff. |
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