Episode #36

20/20 Money Episode 36 – Prioritizing Your Long-Term Savings Vehicles

July 15, 2019

Welcome to this episode of 20/20 Money! In today’s episode I talk about the different retirement savings vehicles that ODs should consider given the mode of their practice and the “ladder” in which they should order their savings strategy. I begin with the versatility of the HSA and why it’s good to think about the HSA as not an account that exists for day-to-day healthcare expenses but more of a long-term savings vehicle. I also talk about the importance of retirement plans in the practice, the Roth IRA (including backdoor Roth IRA conversions), and what percentage of income I’d suggest working towards saving on an annual basis. I wrap it up with a discussion about why it’s important to prioritize saving for retirement and financial independence ahead of college education planning.

Resources:

https://www.savingforcollege.com/

Lively.com

Benefit Wallet

Episode Transcript

Enjoy our content? Subscribe for regular updates!

Related Podcasts

  • Practice Management
20/20 Money Episode #292 – Aligning staff and leadership expectations during the hiring process and building out your HR infrastructure with Amanda Bennett, founder of EyeHR

Welcome to this episode of 20/20 Money! My guest on today’s show is Amanda Bennett. Amanda joins me on the…

  • Practice Management
20/20 Money Episode #291 – Implementing equipment purchases and expanding scope of care with intentionality in your optometry practice with Dr. Ryan Gustus

Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Ryan Gustus, OD.  Ryan joins me…

  • Practice Management
20/20 Money Episode #290 – Phasing out: the four exit options for the seller of an optometry practice

Welcome to this episode of 20/20 Money!   Regardless of when it happens, there are really only four ways in which…

  • Practice Management
20/20 Money Episode #289 – Evaluating VCPs in your practice to determine which ones to cut with Dr. Adam Ramsey, OD

Welcome to this episode of 20/20 Money! My guest on today’s show is Dr. Adam Ramsey, OD.  Adam joins me…