Timothy Sumer

The best accounts to invest in are generally those with the lowest fees and taxes as those are an investor's greatest enemies. A typical doctor may have access to some or all of the following tax-protected accounts: Retirement: 401(k), 403(b), 457(b), 401(a), Profit-sharing plan, Defined Benefit/Cash Balance Plan, Individual 401(k), SEP-IRA, SIMPLE-IRA, traditional IRA Roth 401(k), Roth 403(b), Roth 457(b), Roth IRA Taxable (i.e. non-qualified) account Education: 529 Coverdell Education Savings Account Taxable account Healthcare: Health Savings Account Taxable account General Investing: Taxable investing account An employee ought to become an expert in the accounts his employer offers. The self-employed physician will generally want to use an individual 401(k). Most doctors will want to use a Backdoor Roth IRA. Those who are using a High Deductible Health Plan should take advantage of a Health Savings Account, a triple tax-free Stealth IRA. 529s are generally superi...