058: The 3 Worst Ways to Save for the Tax Bomb
Description
Veterinarians are no strangers to financial stress, especially when it comes to student loans. But what happens when those forgiven loans turn into a massive tax bill? Discover what you need to know about the looming tax bomb with student loan forgiveness and how to avoid the costly mistakes vets make when trying to save for it.
Key moments:
(03:20 ) Using retirement accounts for the tax bomb isn’t the best idea
(04:36 ) The Roth IRA’s “break glass” option lets you withdraw contributions penalty-free, but there’s a catch
(09:27 ) Declaring insolvency as a last resort
(17:48 ) How much should you actually save for the tax bomb?
Interested in vet-specific financial planning?
Schedule a free intro call or email meredith@allvetfinancial.com
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