Welcome to the Doctor Money Matters Podcast. It has certainly been an eventful spring between the Covid crisis and the national protests bringing more attention to the unequal treatment of African Americans by law enforcement, and also the financial market volatility.
Our guest was Joel Greenwald, MD a physician turned financial planner in Minnesota who has a long term financial planning business managing mostly physicians money called Greenwald wealth management.
We talk on this episode about the strategies of withdrawing assets once you retire. How do younger physicians get to the asset level we talk about? We also talk about the pros and cons of annuities. He doesn't recommend them for the asset accumulation phase but they can make sense in retirement and we talk about examples of annuities. He does not use them frequently and talks about the conflict of interests that some advisors have.
We also talk about the bucket strategy and withdrawal from different types of accounts (tax free, tax deferred, taxable)
Joel thinks that for most physicians working now, social security will still exist and you can get some income from that. However its going to be variable and should not be a significant part of your retirement strategy.
We also discuss alternate strategies of withdrawal for FIRE and each talk about our thoughts on the 4% rule.
Finally we talk about real estate investing and whether Dr. Greenwald’s clients are investing in it. I mentioned that social media is the new golf course/doctors lounge where some ideas that are pitched are not fully vetted and we should be somewhat skeptical about them.
Click here for more info on Greenwald Wealth Management
Please support our sponsor Pearson Ravitz if you are in the market for disability insurance and especially if you are nearing the end of residency/fellowship where you may still qualify for discounts that may not be available after training.
Please visit our website at www.doctormoneymatters.com
You can follow our show on:
Twitter @drmoneymatters
Facebook: Doctor Money Matters
Instagram @doctormoneymatters
I encourage healthcare professionals to join our private facebook group, Doctor Money Matters.
If you enjoyed this episode please leave us positive review on iTunes, Google Play, or Stitcher.
Any constructive criticism or topics for future shows can be directed to comments@doctormoneymatters.com
Please remember what you heard on this show is for your entertainment and education only. Please speak with the appropriate experts prior to making decisions regarding your own financial situation.
Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.
2019 Goals
Ep 42. Kurt Schoppe, MD (part 2) Private Equity buying medical groups. What's the deal?
Ep 41. Kurt Schoppe, MD -- Private equity buying medical groups. What's the deal? (Part 1)
Ep. 40. Leslie Kane, MA -- Medscape Physician Salary and Net Worth Surveys.
Ep 39. Robert Felberg, MD -- Negotiation skills for Physicians
Ep 38. Doc G (part 2) Getting to 5X income as an internist in a competitive market
Ep. 37 Doc G -- Getting to 5X income as a primary care physician (part 1)
Ep. 36 Westby Fisher, MD -- MOC? More like WTF (part 2)
Ep 35. Westby Fisher, MD -- WTF is up with MOC (part 1)
Doctor Money Matters -- random thoughts
Episode 34. Quynh-Lan Nguyen, MD -- Credit card hacking
Ep 33. Amy Shah, MD -- Creating a successful side gig
Ep 32. Jason Mizell, MD -- Teaching medical students about finances
Ep 31. Ike Devji Part 2 -- Assorted legal questions
Ep 30. Ike Devji part 1-- Basics of estate planning
William Bernstein, MD -- Lessons from an investment guru
Ep 28. Kayee Tong -- Managing medical school and cryptocurrencies
Episode 27. Drs Nisha Mehta and Parag Butala -- Achieving Balance in a Dual Physician Household
Episode 26. David Anderson, DO and Victor Mangona, MD
Episode 25. Victor Mangona, MD and David Anderson, DO
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
Reaching your Goals
Insights@work
Second Life
Radical Candor: Communication at Work
The Ken Coleman Show