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  • Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1331
    Joined: 02/15/2016

    For a typical physician, I’d consider a physician wealthy if they had $5MM. For an average household making around $100k, probably $1.5-2MM, depending on age.

    in reply to: What net worth do you consider financially wealthy? #242580 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1331
    Joined: 02/15/2016

    I’d throw a portion into stocks in a taxable account, given your 403b issues. Still keep an e fund that will let you sleep at night.

    in reply to: What do I do with my cash? #242207 Reply
    Liked by legobikes
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1331
    Joined: 02/15/2016

    Yes, auto enrollment is a good idea generally. Data shows it massively increases retirement plan participation, mainly because of apathy. We considered it, but we had pretty high participation anyways and have provided a good advisor available to employees at no cost to them. If we would have done it, we would have auto enrolled people in their age based vanguard TDF.

    in reply to: SECURE ACT update musings #242206 Reply
    Liked by Zaphod, Lordosis
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1331
    Joined: 02/15/2016

    @larry, one way our tpa suggested to increase contributions is to start at a low percentage contribution via auto enrollment and then slowly ramp up to the target contribution, say start at 3% and then up by 1% every other pay period

    in reply to: SECURE ACT update musings #242180 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1331
    Joined: 02/15/2016

    The bill has a lot of bad things, including punishing people who did the right thing and saved. But it’ll help more people than it hurts, possibly

    Click to expand…

    I think the biggest impact will be the ease of annuities in 401k’s, and those could be abused by insurance agents.

    Also adding lots more ways for early withdrawals probably isn’t good for most people either.

    Not really huge changes in the bill, but the eliminated of the stretch IRA probably negatively impacts more people than the bill helps.

    in reply to: SECURE ACT update musings #242060 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1331
    Joined: 02/15/2016

    They won’t care. Be honest. I think most groups secretly enjoy hearing that other groups in town have their own dysfunction as well.

    in reply to: Different private practice group, same city? #242001 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1331
    Joined: 02/15/2016

    They’ll figure it out. I wouldn’t be the parent to end it all.

    in reply to: How much does the tooth fairy give your kids per tooth? #242000 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1331
    Joined: 02/15/2016

    Yep, 2nd person knew what they were talking about

    in reply to: PSLF/IBR Income Limit? #241915 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1331
    Joined: 02/15/2016

    If it’s likely she might have to take a lump sum, then it’s not worth using the 457b. Just apply more towards student loans. And then taxable or mortgage, your call.

    in reply to: New job for wife, now have 403b and 457b #241908 Reply
    Liked by Larry Ragman
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1331
    Joined: 02/15/2016

    Get rid of the credit card debt.

    Max out your 401k, her 403b, and backdoor roths (?HSA)?

    We need details of the 457b. Mainly govt vs non govt and the distribution options.

    Refinance the house and her loans to lower rates.

    in reply to: New job for wife, now have 403b and 457b #241902 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1331
    Joined: 02/15/2016

    Yes

    in reply to: PSLF/IBR Income Limit? #241901 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1331
    Joined: 02/15/2016

    There’s a lot of confusing language in this are, so I’ll clarify as best as I can. It sounds like you have the correct understanding though.

    To sign up for any income based repayment plan (of which IBR is one), you need to have a partial financial hardship. When you re-certify payment, if you no longer have a PFH, then the payments can be capped (IBR, PAYE), or they’ll keep going up (RePAYE).

    You’ll want to stay on IBR and just re-certify your income, assuming you were in IBR to begin with. Make sure when you fill out the application that you’re not wanting them to change your monthly plan, just re-certifying your annual income.

    Basically, you’ll still be in IBR, but you won’t have the PFH, so payments will be capped at the 10 year repayment plan. Do not switch. I think you were talking to a moron uninformed employee. FedLoan has a lot of them.

    in reply to: PSLF/IBR Income Limit? #241746 Reply
    Liked by Tim, TheDangerZone
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1331
    Joined: 02/15/2016

    But come on, a week before the season? That is just a lack of integrity.

    Click to expand…

    Boooooooooooooooooooooooooooooo!

     

    in reply to: Andrew Luck Retires at age 29 #241483 Reply
    Liked by Larry Ragman
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1331
    Joined: 02/15/2016

    Good luck! Hopefully, it’s not just a honeymoon phase. We’ll need followup!

    in reply to: Staring a new job….at age 54 #241216 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1331
    Joined: 02/15/2016

    I would never just say sorry, we screwed up. It’d always be an explanation in the context of new info. We thought the dx was this, but since treatment hasn’t responded the way we had hoped, it appears it actually is this. Sometimes, you can do all the workup and still be wrong. Rarely do i think blatant physician mistakes make a huge difference in outcome. Most mistakes are small or just incorrect judgment decisions at the time. The diseases are the diseases. Sometimes earlier diagnosis only means the patient lives longer with the dx. Early stage tumors can end up metastasizing even with treatment. We all have our list of things we absolutely can’t miss. Everything else is in the gray area.

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