ER Doc Advisor - Financial Planning & Taxes for Emergency Physicians

EP 198: Cash Balance Pension: Reconsidering How It Could Fit Within Your Financial Plan

Many ER docs may not be aware of cash balance pensions. These are a type of retirement plan that can really supercharge retirement savings and minimize tax liability. But buyer beware: these aren’t a DIY solution. That’s one of several reasons why they are underutilized despite being an extremely attractive option for saving large sums of money. 

On today’s episode, we’ll discuss these relatively complex plans and how they may be the best tool to help guide ER docs to their retirement goals.

Topics Discussed:   

  • The types of pension plans available.
  • Which pension plan is better.
  • How to ensure you meet your retirement goals.
  • Why a cash balance pension isn’t a DIY solution.
  • If you need a lot of money to make these plans work.

Resources Mentioned:

Tags

financial planner, emergency medicine, ER docs, emergency doctors, 401k, cash balance pensions, retirement savings, tax liability, retirement plans, supercharge savings, retirement goals, financial planning, pension plans, tax minimization