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Financial Preparedness for Physicians

Tim Ueber

We know physicians are looking to save money for retirement. To help, IU School of Medicine’s Tim W. Ueber put together five short videos – each about three minutes long – with interviews from an accountant, a lawyer and a financial planner. We hope you will discover something helpful to help you live comfortably in retirement. The videos on Lifetime Tax Diversification and Supplemental Strategies to Save for Retirement should be of particular interest.


Lifetime Tax Diversification

Many physicians stash as much money as possible into 401k/403b retirement plans. But during retirement years, all distributions from those plans are subject to income taxes. To minimize this problem, physicians should consider using a strategy to diversify their retirement income so a portion of it is received tax free. IU School of Medicine’s Tim W. Ueber talks about a strategy called Lifetime Tax Diversification with financial planner and investment manager Kenneth Klabunde.

Supplemental Strategies to Save for Retirement

There are many ways to save for retirement beyond a 401k/403b retirement plan. Owners of a medical practice group may be able to use Section 415 of the tax code to save an additional $36,000 annually. Full-time faculty members that earn additional income on the side, can create a SEP IRA as another way to save. This short interview between IU Medicine’s Tim W. Ueber and accountant Steve Diagostino covers the tools available.

Having an Updated Estate Plan

A recent survey of practicing US physicians revealed 35 percent do not have an estate plan, and more than half of those with plans admit have one that is outdated. Do you know the differences between a will and a revocable living trust? Disability planning is also very important. IU School of Medicine’s Tim W. Ueber discusses estate planning with attorney Kye Steffey.

Do You Need a Financial Planner?

Nearly 70% of physicians who report being “ahead of plan” in their retirement savings use a financial planner, according to recent survey. How can a physician find a financial planner you can trust? To learn more, check out IU School Medicine’s Tim W. Ueber’s interview with financial planner and investment manager Kenneth Klabunde.

Diversify Retirement income with a DCGA

Is all of your retirement income subject to income taxes? Is your retirement income exposed to fluctuations in the financial markets? Is most of your retirement income from a 401k/403b retirement plan? Do you have a favorite charity you regularly support with gifts? A deferred charitable gift annuity (“DCGA”) not only generates a hefty charitable deduction but can also stabilize a portion of your retirement income. IU School of Medicine’s Tim W. Ueber discusses your options with financial planner and investment manager Kenneth Klebunde.

Contact Tim Ueber

If you have any questions regarding subjects highlighted in the financial preparedness videos, please contact Tim Ueber. Tim can be reached by phone at (317) 274-0187 or by e-mail.

E-Mail Tim

The views expressed in this content represent the perspective and opinions of the author and may or may not represent the position of Indiana University School of Medicine.

Ryan Bowman

Director of Alumni Relations