MoneyRx for CRNAs and NPs
Go behind the scenes with host Brett Fellows, CFP®, as he explores the unique financial opportunities and challenges facing Certified Registered Nurse Anesthetists and Nurse Practitioners on the path to financial independence. Each episode delivers expert insights and actionable advice to help you lower taxes, invest smarter, and retire on your terms.
Brett's firm, Oak Capital Advisors, specializes in high-earning CRNAs and nurse practitioners and is currently accepting new clients. From retirement income strategy and tax planning to Social Security timing, Medicare, and estate planning, they offer comprehensive financial planning that goes far beyond investment management. If you're ready to work with someone who truly gets your world, the link to schedule a discovery meeting is in the show notes.
MoneyRx for CRNAs and NPs
I’m a CRNA. How much do I need to retire?
Use Left/Right to seek, Home/End to jump to start or end. Hold shift to jump forward or backward.
Most CRNAs think they need to replace their entire income in retirement. That's not true. Brett breaks down the exact three-step framework he uses with CRNA clients to calculate their real retirement number.
As a CRNA, you're earning $200,000+ annually, which puts you in a unique position to build substantial wealth. But you also face intense career demands that can lead to burnout and earlier retirement than originally planned.
Brett explores:
- Why you don't need to replace your entire $200,000 salary in retirement
- The three-step framework to calculate your true retirement expenses
- How to subtract expenses that disappear when you retire (payroll taxes, 403b contributions, work expenses)
- The CRNA tax advantage most don't know about during early retirement years
- Real examples of Roth conversion strategies that can save $100,000+ in lifetime taxes
- Three retirement scenarios: Comfortable ($120k/year), Lean FIRE ($80k/year), and Fat FIRE ($200k+/year)
- Why CRNAs should plan for 3.5% to 4.5% withdrawal rates instead of the standard 4% rule
- How to turn your million-dollar savings into a sustainable retirement income
Key Timestamps:
- (0:00) Welcome & why CRNAs have unique retirement advantages and challenges
- (2:00) The three-step framework to calculate your retirement number
- (4:05) Step 1: Calculate your true retirement expenses, not your salary
- (6:00) Real example: From $200K salary to $130K actual retirement need
- (7:10) Step 2: Subtract your non-portfolio income (Social Security estimates)
- (8:25) Step 3: Calculate your required portfolio size using withdrawal rates
- (9:00) The CRNA tax advantage: Roth conversions during early retirement
- (11:30) Three retirement scenarios: Comfortable, Lean FIRE, and Fat FIRE
- (13:20) Action steps you can take this week to get started
- (14:20) Where you stand based on your current savings level
Whether you're just starting to think about retirement or you're getting close to stepping away from clinical practice, this episode gives you the framework to know exactly how much you need based on your specific situation.
#CRNAs #RetirementPlanning #MoneyRX #CRNALife #FinancialPlanning
For more information and resources related to this episode, please visit the show notes.