QuestionsMedical school to residency

Should I open a Roth IRA as a resident?

Jay Weinberg, CLU, ChFCPhysician disability insurance specialist · PGY1 Financial Solutions

Short answer

It can be a wonderful retirement vehicle while you're earning resident money and expect to earn attending money later. You put in after-tax dollars, it grows tax-deferred, and it comes out tax-free. Eligibility depends on your income and tax filing status.

Jay answers it

A short clip from his webinar for residents and fellows, with captions.

Watch the full webinar from 52:26

How it works

After-tax in, grows tax-deferred, comes out tax-free on the back side. That's especially useful when you're making resident money now and fully expect to make attending money later.

Who's eligible

Your eligibility to put money into a Roth IRA depends on your income and your tax filing status. An investment professional can tell you what you're eligible for and help you come up with a game plan.

Where it fits

Some people view the money they put into a Roth IRA, as opposed to earnings, as part of their emergency fund, because contributions may be able to come out without a penalty. Find out what you could take out if something comes up before you count on it.

For most residents, a student loan plan and disability insurance come before retirement savings.

Where Jay covers this

Jump to each moment in his webinars.

Next step

Talk with Jay about your situation

Answer a few questions, about 2 minutes. Jay reviews your situation and which policies you're eligible for. Conversations are confidential and there's no fee to talk.