Beyond The Mask: Innovation & Opportunities For CRNAs

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Ep 52: Should CRNAs Contribute to Roth or Pre-Tax or Both?

December 19, 2019

As much as you love the work you do, eventually you’ll want to step away and enjoy time to yourself in retirement. But what’s the best way to invest for your future? Should you contribute your pre-tax money into a traditional IRA or is Roth a better option? Let’s discuss all the options available to you and what factors will determine the best route to retirement.

 

Full Show Notes and Additional Resources: https://beyondthemaskpodcast.com/?p=2200 

 

Today's Rundown: 

1:52 – Today we’re talking whether CRNAs should be contributing to a Roth or a pre-tax retirement account. Or both?

2:43 – There are two sides to remember to this. First you have Roth IRA vs Traditional (or pre-tax) IRA. And now you have Roth 401k/403b vs Traditional 401k/403b

3:43 – There’s no blanket answer. It’s different for everyone.

4:40 – Let’s start with the Roth IRA. Here’s what you need to know.

6:17 – The big debate is pay taxes now or pay them later. Here’s what you should consider.

8:20 – There’s an opportunity cost for utilizing the Roth. What if you took that extra pre-tax money and invested that elsewhere?

10:23 – What are some other reasons we might potentially choose the Roth?

12:25 – If we know you need to control your taxable income, Roth can be utilized.

14:19 – Planning helps you determine what percentage of your money to put into each account?

15:36 – Why the retirement system is skewed against high-income earners like CRNAs.   

17:02 – How can you save more than the $19,000 limit?

18:55 – Jeremy explains backdoor contributions.

21:22 – Here’s the caveat to the backdoor though.

22:55 – Let’s talk about another option for CRNAs that have 1099 gigs.

25:18 – Can you contribute to both Roth and pre-tax within the same employer retirement account?

26:59 – How healthcare can impact your decision.

29:17 – Jeremy’s goal is to help the CRNA community be prepared.

30:47 – Everyone should have a financial check-up every year.

32:02 – Final thoughts on the topic.