Maxed Out My 401k, Now What

<p>Have you maxed out your 401(k) or 403(b)? What should you do now? There are a lot of different options&mdash;what do those look like, what might be a good out, and what to pass on.&nbsp;</p> <p>In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks about&nbsp; 401(k)s and what to do after you max those out.</p> <h3><strong>Topics Discussed:</strong></h3> <ul> <li>Max Contribution Amount: $20,500 for an employed physician</li> <li>Financial Plan: Allows you to match your goals with dollars to put them to work</li> <li>Is the 401(k) enough? If not, how much do you need to save? Assume more</li> <li>What&rsquo;s the next best option? Maximizing tax shelters for added tax benefit</li> <li>HSA: Use as healthcare savings account instead of healthcare spending account</li> <li>Backdoor Roth IRA: Fund a traditional IRA and then convert it into a Roth</li> <li>More Options: 457(b), cash balance, deferred compensation, and after-tax 401(k)</li> <li>What to consider? Complexities, different structures, expenses, and side jobs</li> <li>Tax-Loss Harvesting: List of things you can do to minimize taxation</li> <li>Alternative: Investing in real estate business can be active or passive income</li> <li>Short- vs. Long-Term Capital Gains: Which are least and most tax-efficient?</li> </ul> <h3><strong>Links:</strong></h3> <p><a href="https://us.etrade.com/home">E*TRADE</a></p> <p><a href="https://robinhood.com/">Robinhood</a></p> <p><a href="https://financeforphysicians.co/2022/03/31/using-your-hsa-to-build-wealth/">Using Your HSA To Build Wealth</a></p> <p><a href="https://financeforphysicians.co/2021/04/08/why-the-hsa-is-a-hidden-gem/">Why the HSA is a Hidden Gem</a></p> <p><a href="https://financeforphysicians.co/2020/12/03/everything-you-need-to-know-about-backdoor-roth-ira-with-jennifer-quire/">Everything You Need To Know About Backdoor Roth IRA with Jennifer Quire</a></p> <p><a href="https://financeforphysicians.co/2022/02/03/are-you-saving-enough-for-retirement/">