coalcracker
Dryer sheet wannabe
- Joined
- May 19, 2010
- Messages
- 23
Hi everyone, I am a 31 year old physician within reach of finally completing my training within the year and getting my first "real" job. My wife is also a physician and we anticipate our annual gross income to be in the 500-600k range for most of our careers. We have managed to save about 80k thus far, including maxing out our 401(k) this year.
I've been to several financial seminars for graduating residents, and have heard on more than one occasion that after maxing out the 401(k), cash value whole life insurance can be a tax efficient method for long term investment. Based on my personal reading, it seems many in the know advocate tax efficient, low expense ratio funds rather than whole life as a retirement vehicle based on the expenses associated with whole life. The arguments i've heard for whole life are mostly based on the tax free growth and withdrawls, but maybe this is counterbalanced by the associated expenses?
Bottom line, this stuff makes my head hurt. Ideally I would love to entrust my finances to a competent planner, but I feel as though the planners I have spoken to always have ulterior motives of some kind (i.e. trying to sell me something). I know how much training it takes to be an expert in a given field, and I am worried I don't have the time or knowhow to fully manage my own investments.
I guess I would like to know if there are simple resources I could start with to get an idea of where to put my money after my 401(k). I would really appreciate any thoughts/ideas on all of this. Thanks
I've been to several financial seminars for graduating residents, and have heard on more than one occasion that after maxing out the 401(k), cash value whole life insurance can be a tax efficient method for long term investment. Based on my personal reading, it seems many in the know advocate tax efficient, low expense ratio funds rather than whole life as a retirement vehicle based on the expenses associated with whole life. The arguments i've heard for whole life are mostly based on the tax free growth and withdrawls, but maybe this is counterbalanced by the associated expenses?
Bottom line, this stuff makes my head hurt. Ideally I would love to entrust my finances to a competent planner, but I feel as though the planners I have spoken to always have ulterior motives of some kind (i.e. trying to sell me something). I know how much training it takes to be an expert in a given field, and I am worried I don't have the time or knowhow to fully manage my own investments.
I guess I would like to know if there are simple resources I could start with to get an idea of where to put my money after my 401(k). I would really appreciate any thoughts/ideas on all of this. Thanks