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
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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.
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Episode 24. Physician on Fire, MD -- Achieving Financial Independence
Episode 23. Eric Tait, MD MBA -- Altering your financial mindset due to changes in medicine.
Episode 22. Ali Chaudhary, MD -- Striking out on your own
Episode 21. Peter Kim, MD -- Help with buying your home
Episode 20. Kevin Pho, MD -- Social Media for healthcare professionals
Episode 19. Bonnie Koo, MD -- Helping Independent Women find Financial Clarity
Episode 18. Drs. Bepko -- Military medicine to world travelers
Episode 17. Valerie Jones, MD -- Retired from medicine at age 37
Episode 16. Tom and Kim Rairdon -- High Income Parents
Episode 15. Eric Levi, MD -- The dark side of doctoring
Episode 14. Bob Collins -- Physician Recruitment
Episode 13. Charles Cochran, MD -- Lifeofamedstudent.com
Episode 12. Tarang Patel, DO -- Roboadvisors
Episode 11. Keith Smith, MD -- Fixed Cost Surgery
Episode 10. Kenyon Meadows, MD -- Real Estate Investing
Episode 9. Joseph Kim, MD MBA -- What you need to know about physician MBAs
Episode 8. Jon Appino -- Employment Contracts
Episode 7. Travis Hornsby -- Student Loans
Episode 6. Josh Umbehr, MD -- Direct Primary Care
Episode 5. Cory Fawcett, MD -- Eliminating Debt
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