Ep 59. Joel Greenwald, MD CFP -- Withdrawing assets in retirement

Ep 59. Joel Greenwald, MD CFP -- Withdrawing assets in retirement

Welcome to the Doctor Money Matters Podcast. It has certainly been an eventful spring between the Covid crisis and the national protests bringing more attention to the unequal treatment of African Americans by law enforcement, and also the financial...
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Welcome to the Doctor Money Matters Podcast. It has certainly been an eventful spring between the Covid crisis and the national protests bringing more attention to the unequal treatment of African Americans by law enforcement, and also the financial market volatility. Our guest was Joel Greenwald, MD a physician turned financial planner in Minnesota who has a long term financial planning business managing mostly physicians money called Greenwald wealth management. We talk on this episode about the strategies of withdrawing assets once you retire. How do younger physicians get to the asset level we talk about? We also talk about the pros and cons of annuities. He doesn't recommend them for the asset accumulation phase but they can make sense in retirement and we talk about examples of annuities. He does not use them frequently and talks about the conflict of interests that some advisors have.  We also talk about the bucket strategy and withdrawal from different types of accounts (tax free, tax deferred, taxable) Joel thinks that for most physicians working now, social security will still exist and you can get some income from that. However its going to be variable and should not be a significant part of your retirement strategy. We also discuss alternate strategies of withdrawal for FIRE and each talk about our thoughts on the 4% rule. Finally we talk about real estate investing and whether Dr. Greenwald’s clients are investing in it. I mentioned that social media is the new golf course/doctors lounge where some ideas that are pitched are not fully vetted and we should be somewhat skeptical about them. Click here for more info on Greenwald Wealth Management Please support our sponsor Pearson Ravitz if you are in the market for disability insurance and especially if you are nearing the end of residency/fellowship where you may still qualify for discounts that may not be available after training. Please visit our website at www.doctormoneymatters.com You can follow our show on: Twitter @drmoneymatters Facebook: Doctor Money Matters Instagram @doctormoneymatters I encourage healthcare professionals to join our private facebook group, Doctor Money Matters. If you enjoyed this episode please leave us positive review on iTunes, Google Play, or Stitcher. Any constructive criticism or topics for future shows can be directed to comments@doctormoneymatters.com Please remember what you heard on this show is for your entertainment and education only. Please speak with the appropriate experts prior to making decisions regarding your own financial situation. Thanks for listening and please leave us positive reviews and continue to share this podcast with your colleagues.

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