WCI #223: Understanding Cash Balance Plans
White Coat Investor Podcast
Dr. Jim Dahle of the White Coat Investor
4.9 • 2.3K Ratings
🗓️ 12 August 2021
⏱️ 61 minutes
🧾️ Download transcript
Summary
A defined benefit cash balance plan https://www.whitecoatinvestor.com/cash-balance-plans-another-retirement-plan-for-professionals/ is a somewhat unusual and surprisingly physician specific retirement account. It is a type of a defined benefit plan. On one end you have a defined contribution plan like a 401(k) and on the other a defined benefit plan or pension plan. A cash balance pension, a subtype of defined benefit plan lies as kind of a hybrid between the two. It still falls in the category as a defined benefit plan, but it's purpose is designed not so that you have an annual income distribution after you retire but that you take the lump sum. Confused? Don't worry, we have Victor Mangona, who has developed an expertise in these plans, as our guest this episode. We discuss who should consider a cash balance plan, how much money can be put into a plan, the tax savings from using this plan, how to invest these assets, what happens if there is a loss in the account, and most importantly how to get your practice to adopt a cash balance plan so you can take advantage of these great accounts.
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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, number 223, Cash Balance Plans. |
| 0:22.0 | This story time brought to you by LocomStory.com. Today we'll be reading one job, two jobs. |
| 0:28.0 | One job, two jobs. Red blob, no job. |
| 0:31.0 | Elective doc, emergency doc. Summon overstock, summon out of stock. |
| 0:35.0 | This doc is to abuse. This doc is underuse. This doc can't get sick. Say let's try a brand new trick. |
| 0:41.0 | For all the docs about to cry, here's an idea you can try. |
| 0:44.0 | Look into a LocomTenon's assignment. A really great option. You might find it. |
| 0:48.0 | All this new info trapped up in your thinker, go to LocomStory.com and use your mouse to tinker. |
| 0:53.0 | Here you'll find the unbiased answers you're after so you can decide if LocomTenon's is your next chapter. |
| 1:00.0 | That's a fun ad. We need more ads like that. |
| 1:03.0 | Thanks for what you do out there. I know you're a high-income professional or you soon will be because you're a trainee. |
| 1:09.0 | There's a reason you get paid high-income. It's because your job's hard, but it provides an important service to our society. |
| 1:16.0 | Thanks for what you do. |
| 1:18.0 | If you're not aware of this, we have a conference once a year. We call it WCICon. |
| 1:23.0 | We don't call it that when we go to the people that we're trying to get CME for it though. |
| 1:27.0 | We call it the Physician Wellness and Financial Literacy Conference. |
| 1:31.0 | Our next one is going to be February 9th through 12th, 2022 at the JW Marriott in Phoenix, Arizona. |
| 1:37.0 | Now, if you haven't been to Phoenix in February, it's absolutely delightful. |
| 1:41.0 | Those of you coming from Alaska and Minnesota and Maine might particularly enjoy it that time of year. |
... |
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