r/whitecoatinvestor

I'm a new attending and my institution offers a 403(b) with employer match, and a non-governmental 457(b).

I'm planning on maxing out my Roth IRA (backdoor), and my 403(b) accounts.

But how much of you are also maxing out secondary retirement accounts (like a non-governmental 457b)? In this account, I do have some flexibility with distribution if I were to leave (I can defer distribution as a lump sum or installment payments to a later date of my choosing), access to Vanguard funds with low expense ratios, and I'm not terribly worried about my hospital going bankrupt.

Are most people prioritizing their 2ndary retirement accounts, or choosing to invest in a taxable brokerage instead?

I have a 403(b) from residency, a 401(a) from my current fellowship, and a teacher retirement fund that has stopped accruing (just learned that it stopped growing 5 years after I quit my career as a teacher; had honestly just forgotten about it for almost 9 years until a couple months ago..). Each of these accounts have 11-15k in them; needless to say, the teacher retirement fund needs to be rolled over to something as the money there has stopped growing. Should I roll everything into the 403(b)? Should I only move the teacher fund to the 403(b)? I will be working at a new institution altogether so should I make a new account (?IRA) and roll all three there? And does the timing matter (prior to end of fellowship, during the 2 months of unemployment until attending job, after starting my new position)?

Me and wife have both been internists for last 2 years. I’m going for fellowship this year. We will be moving. I’m looking for rentals but doesn’t seem to be having many options in that area. There are good houses which are for sale in 450 to 500 K range and debating if given that I’ll be staying for three years period should I just buy and keep it as rental after leaving the area. The major downside I see for buying is my wife will likely be only doing part-time given that we have two small kids. I would be able to put 30% down and then take the rest loan, but not sure if it’s the right way. I have always preferred renting and would rather rent, but just rental options are not so great . I don’t plan to settle down in the area

Current PGY-1 moving on to advanced program (DR) in a HCOL city in the midwest.

Loans: just over $200k in fed loans, currently $0 payments, will get on RAP this year

Rent: Currently ~$1650 a month including all utilities in MCOL city on west coast

Savings: ~$25k in checking/savings, $15k in ROTH, $10k in 401k, $10k in taxable, $3k in emergency fund

Options (salary of between $75000-78000 next year likely), rent below would include base rent and monthly required fees:

1. 1BR apartments I am looking at with great amenities/location run about $2700 including garage parking/utilities/pet rent. 5 groceries within 5 minute walk along with restaurants. In-unit W/D.

2. studios run about $2400 in same buildings above.

3. an older building that is nearby but not as walkable (18 min walk to TJoes) and poor amenities would run about $2300 for a 1BR all in. No in-unit W/D.

4. Cheap out even more for older, brick walk-up apartments that would be $1500 but no garage parking and even further out from anything walkable, obviously no amenities here

On one hand, I am tired of living in what I feel like is budget housing after going through med school and intern year. On the other, it feels irresponsible to spend so much on housing. I will also be needing to fly every other month ($300 round trip) to see family/LDR partner. Residents at the adv programs all mostly live in option 1 type places and say it's doable but I dont know their exact finances.

Would appreciate any input esp people who have had to spend a large amount on housing relative to salary. Thank you

I filed income tax during M4, my AGI was 15k— can I use that for calculating my RAP payment or do I have to use my resident salary?

Finding conflicting info online, thanks for your help!

I had posted a few weeks ago about a crazy contract:

1. If you leave before 2 years, signing bonus is required back in full, not prorated.
2. Base salary is not guaranteed. If you don't make it, you owe them money.
3. If you leave before 5 years, you pay for your tail coverage.

I was really excited about the location so tried to negotiate.

The counter was equally ridiculous.

1. Signing bonus payback reduced to 1 year.

2. CMO said he would verbally guarantee base (the dollar amount is in writing) but there is a clawback clause that he claims doesn’t apply to the first two years. Won’t put it in writing but I should “trust him” because everyone would otherwise quit.

3. Tail reduced to 3 years.

I ultimately said no because the clawback seems really concerning to me even if he verbally says it does not apply to ramp on period. Having second thoughts because I had myself so set location wise.

thoughts?

I was in the town three years ago. Now, I'm coming back to a somewhat medium-sized town.

Hi everyone, I’m a current medical student seeking advice of living situations with loans. I live in a HCOL city in a tiny studio for about 2k. The studio is fine but it’s small and I’m not extremely happy with the building right now. I am considering a much bigger studio for 2.4k, which with the way I have budgeted loans next year would mean I have to take an extra $2-3k in loans out each year (6-9k total extra). Right now I’m set to graduate with about $379k in loans (with interest included, this includes debt from undergrad), if I take out the extra loans it would be about $396k. I’m already extremely worried about even being able to pay off this amount of loans and still have freedom to go into any specialty of interest (i.e. pediatrics or OB).

TLDR: would you advise increasing loan debt by about $20k to have a slightly better living situation?

My teeth are thankfully healthy and young.

I plan to go twice a year for cleaning and X-rays. I will do cavity fillings if needed.

My workplace does not offer dental insurance. Should I get dental insurance or self pay?

Edit: I called my current dental place and if I'm self paying, it is $120 cleaning and X-ray. The price will be higher for deep cleanings. And $110-250 for fillings.

Looking for advice. I graduated dental school in 2021 and I have $144k in student loans debt.

I’m on the IBR repayment plan right now. My group loans have varying interest rates ranging from 5% -7.6%.

I am paying the monthly minimum which is around $1000/mo. If I stay on this repayment plan, I would pay off the loans in Feb 2039 and the total amount that I would pay by that time is $216,260. I like this small amount of monthly payment because that allows me to invest the rest of money into the S&P500 and I typically get a yield of 10% or higher on my investments. Should I stay on this repayment plan?

I’m making 200k/yr and I don't have many other bills. I appreciate any advice, thank you in advance!