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/

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