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White Coat Investor Podcast

Host, Dr. James Dahle, is a practicing emergency physician and founder of the White Coat Investor Blog. Like the blog, the White Coat Investor Podcast, is dedicated to educating medical students, residents, physicians, dentists, and similar high-income professionals about personal finance and building wealth, so they can ultimately be their own financial advisor—or, at least know enough to not get ripped off by a financial advisor! We tackle the hard topics like the best ways to pay off student loans, how to create your own personal financial plan, retirement planning, how to save money, investing in real estate, side hustles, and how everyone can be a millionaire by living WCI principles. Learn more at http://whitecoatinvestor.com/
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Aug 12, 2021

A defined benefit cash balance plan https://www.whitecoatinvestor.com/cash-balance-plans-another-retirement-plan-for-professionals/ is a somewhat unusual and surprisingly physician specific retirement account. It is a type of a defined benefit plan. On one end you have a defined contribution plan like a 401(k) and on the other a defined benefit plan or pension plan. A cash balance pension, a subtype of defined benefit plan lies as kind of a hybrid between the two. It still falls in the category as a defined benefit plan, but it's purpose is designed not so that you have an annual income distribution after you retire but that you take the lump sum. Confused? Don't worry, we have Victor Mangona, who has developed an expertise in these plans, as our guest this episode. We discuss who should consider a cash balance plan, how much money can be put into a plan, the tax savings from using this plan, how to invest these assets, what happens if there is a loss in the account, and most importantly how to get your practice to adopt a cash balance plan so you can take advantage of these great accounts.

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The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you!

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