PharmD Money

Owning accounts jointly with your spouse is very common. Everything from property to your bank accounts most likely has a joint title on it. The convenience of using those accounts makes the joint titling a no-brainer for most. However, from an estate planning standpoint, it may not be in your best interest to do. Jointly owned assess don't allow some to maximize the tax benefit of the step-u...

As a pre-retiree looking into retirement, you may find yourself wondering what you're going to do to fill your time when you finally retire. You spend a large portion of your day at work and when that time suddenly becomes available in retirement, what will you do with it? One way people start envisioning their answer to this question is by learning about what other people who are already ret...

Retirement planning can be easily pushed aside. It's not hard to find other things that are going on in life that will take priority. Unfortunately, one of the biggest retirement planning advantages a person can give themselves is time. Enough time to plan, organize, and implement everything that should be in place. That is why I feel the sweet spot to start getting serious about retirement i...

One of the biggest, if not the biggest, decision a retiree will need to make when it comes to their retirement is deciding which retirement withdrawal strategies they will want to implement. There are no shortage of options to choose from. This can make determining what is best for you, a difficult task.  In this podcast episode, Derek will preview the 4 most common type of retirement withdraw str...

Investment management is a straight forward concept for many people in the accumulation stage. Take money from your paycheck and stick it into your 401(k). Make sure your 401(k) is diversified and let the power of compounding do its magic in your favor. However, retirement is a completely different game. Gone are the days of saving and accumulating. Instead, you are now tasked with managing your i...

Early retirement is a dream scenario for many people. Retirement could mean a second chance at a new career, a new lifestyle, or even a just greater time freedom. But with all the good that can come from retiring at 50, it also is a big financial risk. Preparing yourself financially and emotionally can help the probability that your extended retirement is a success. In this podcast episode, Derek...

You've heard it said before that tax planning is a critical element of retirement success. So what is the opportunity cost of not implementing proactive tax planning in your financial endeavors? Well, you may find yourself setting off big tax bombs in retirement that could cost you far more than you think. It often happens that individuals are not even aware they are doing it until they file...

In today's episode, we answer some of the more popular audience questions we've received. Some of these questions have been asked multiple times, so we thought it would be a perfect time to answer them in an AMA episode. Derek will provide his thoughts and answers to the following questions: 1.) What Should I Do During A Bear Market? 2.) Should I Pay My Mortgage Off Before Retirement? 3....

 There is so much to consider and sort out while working through a retirement transition. However, one of the biggest changes you will experience is the shift of being an accumulator to becoming a de-accumulator in retirement.  In this episode, Derek will go over what he sees as some of the biggest changes people will experience while making this retirement transition. The subtle and not so subtle...

Retirement is an exciting time for many. Especially those who have been looking forward to their golden years for quite some time. Unfortunate for some, the happy and fulfilling retirement fantasy doesn't always materialize into reality. A big reason for this is unintended frugality. Being cautious with your spending in retirement is a valuable. But taking it to the extreme can be a big deter...

Retirement planning is confusing. There is a lot to consider. And just when you think you have everything figured out, the IRS comes along and makes it more difficult. This is usually what happens when people learn about Required Minimum Distributions for the first time. RMDs are the amount of money the IRS requires that you pull out of your retirement accounts each and every year. Regardless of i...

Retirement planning is a complex topic. There are a number of different financial and behavioral risks that retirees must navigate throughout their golden years. One of the biggest and most impactful decisions a retiree will need to make usually comes at the beginning. That decision is determining what retirement distribution strategy will be implemented. Or more commonly, how will you safely with...

Many people work for financial reasons. But what happens when you get to the point of not needing income from a job anymore? For many, this is the dream scenario. This is when they get to finally hang it up and fully retire. Welcome to the golden years! But for others, this decision comes with a lot more angst. They feel the tradeoff of retirement isn't worth what they are leaving behind from...

Hiring a financial advisor can be intimidating. To make matters worse, it can be very difficult to differentiate between them. They all have "Financial Advisor" or "Financial Planner" or "Wealth Manager" etc. etc. etc. on their business cards? Does that mean they are all the same and do the same thing? The answer to that question is a resounding no. But how can you te...

We have made it to a new year. And like every other year, changes have been made on what we are allowed and not allowed to do with our money. So it's important to get caught up with all of the important numbers that will dictate what we can do while we try to maximize our planning opportunities within the year. In this episode, Derek will talk about  I. The changes to Federal Income Tax Rates...

Investment rate of return is the easiest metric to use when determining success and failure of your financial life. It's also the easiest metric to use when correlating it with your future consumption. I made a lot of money this year in my investment account, which means I will be able to afford to spend more in retirement. This is dangerous thinking, especially when its your primary focus of...

Retirement planning is a complex and fairly time intensive endeavor. It requires a lot of planning and projecting and ultimately aligning that information overtop an everchanging economic and regulatory landscape. So what are a few items you should make sure you do and not do when it comes to your retirement? In this episode, Derek goes over his top Do's and Don't for a successful retire...

Today, I am exciting to interview Scotty Sykes, CPA, CFP® with Sykes and Company, P.A. Scotty is a Certified Public Accountant who is actively involved in all areas pf pharmacy accounting and tax with an emphasis on high-level advisory for pharmacy clients. There is nothing more exciting than getting a hot tax tip and completely pulling one over on the IRS. Ok, so maybe not that exciting, but redu...

We've been on quite an economic run over the last 13 years. Investment markets have experienced some volatility over that time, but the general direction has been positive. This may lead many people to forget about how bad the last big recession we experienced was. Recency bias may be leaving some pharmacists unprepared for the next recession and I can't let that happen. So in this episo...

Do you find yourself looking more and more into early retirement? You're not alone. Whether your a retail pharmacist who is feeling completely burned out or maybe someone who is just looking at that next chapter of their life, retiring early may be the logical next step. But retiring early comes with a lot of risk. And it takes a lot of precision to pull off. After all, for most pharmacists t...

At some point in our society, the term budget turned out to be the magic cure for anyone with financial troubles. You don't have enough money? Well you need to budget better. You which you and your spouse could get on the same page when it comes to money? Great, start a budget.  You have to control your spending in retirement? A budget is what you need! This all seems like pretty standard adv...

Today I am excited to interview Ross Klein, founder, managing member, and chief investment officer of Changebridge Capital, LLC.  In this episode we take a deeper look into a few of the more popular areas of investment management.  We touch on the importance of diversification and how we can't rely on the S&P 500 as our only form of diversification.  We also discuss the growing popularity...

As you approach the end of any calendar year, you most likely will be presented with opportunities to make changes to all of the employer benefits you have access too. One of the most common employer benefits that employees take advantage of are employer sponsored retirement plans. In most cases, this is a 401(k). So as you approach the end of the year, planning and optimizing your 401(k) becomes...

It's widely considered prudent financial management to leave retirement money alone. You should never be using those dollars until you actually reach retirement. After all, it's why you saved the money in the first place. But sometimes reality gets in the way. We may encounter many reasons in life to withdraw money from our retirement accounts before we reach retirement. And if you ever...

Are you utilizing the backdoor Roth IRA conversion strategy? Do you see a tax form numbered 8606 with your tax return every year? Are you reading this and already thinking to yourself how boring and confusing tax planning is? You're not alone! But this is something you're going to want to take note of. Reducing the amount of tax documents you are required to file every year could be a gr...