MoneyRx for CRNAs and NPs
Go behind the scenes with host Brett Fellows, CFP®, as he explores the unique financial opportunities and challenges facing Certified Registered Nurse Anesthetists and Nurse Practitioners on the path to financial independence. Each episode delivers expert insights and actionable advice to help you lower taxes, invest smarter, and retire on your terms.
Brett's firm, Oak Capital Advisors, specializes in high-earning CRNAs and nurse practitioners and is currently accepting new clients. From retirement income strategy and tax planning to Social Security timing, Medicare, and estate planning, they offer comprehensive financial planning that goes far beyond investment management. If you're ready to work with someone who truly gets your world, the link to schedule a discovery meeting is in the show notes.
MoneyRx for CRNAs and NPs
The Retirement Tax Time Bomb in Your 403(b) or 401(k)
Use Left/Right to seek, Home/End to jump to start or end. Hold shift to jump forward or backward.
Do you have a retirement tax bomb? Many CRNAs and nurse practitioners spend 30 years following traditional financial advice: max out your 403(b), live below your means, and defer taxes as long as possible. However, this strategy often leads to a "retirement tax bomb" where required minimum distributions (RMDs) and Social Security push you into a higher tax bracket than when you were working. AKA your tax bill might be jaw-dropping in your Golden Years.
In this episode, Brett Fellows, CFP®, explains how to avoid this expensive mistake through strategic tax bracket filling. He shares real-world case studies of nurses who saved over $130,000 in lifetime taxes by utilizing the 0% capital gains rate and well-timed Roth conversions. See how to manage your three tax buckets and why asset location is just as important as asset allocation.
Brett Covers:
- How RMDs and Social Security create the retirement tax bomb.
- The three tax buckets: tax-deferred, tax-free, and taxable.
- A strategy to pay 0% federal tax on capital gains during early retirement.
- How to execute Roth conversions without triggering Medicare surcharges.
- The four biggest tax mistakes nurses make.
- A three-phase framework for tax-efficient retirement withdrawals
Whether you are a decade away from retirement or already considering your exit date, these strategies can help ensure your savings remain in your pocket rather than going to the IRS.
#CRNAs #NursePractitioners #RetirementPlanning #TaxStrategy
Key Timestamps:
(0:18) David and Karen’s $1.4 Million Tax Mistake
(2:37) Defining the Retirement Tax Bomb
(3:27) Tax Bracket Filling and the Three Buckets
(4:35) Case Study: Saving $130,000 in Lifetime Taxes
(5:34) How the 0% Capital Gains Rate Works
(6:25) Strategic Roth Conversions and Social Security
(7:20) Asset Location: Where to Put Your Investments
(8:30) Managing IRMAA and Medicare Surcharges
(9:10) The Three Phases of a Tax-Efficient Retirement
(10:10) The Four Biggest Tax Mistakes APRNs Make
(11:24) Angela’s Example: A Plan for Single Providers
For more information and resources related to this episode, please visit the show notes.