MoneyRx for CRNAs
Go behind the scenes with host Brett Fellows, CFP®, as he explores the unique opportunities and challenges facing Certified Registered Nurse Anesthetists along the path to financial independence. In each episode, Brett shares expert insights and actionable advice, equipping you with the tools you need to take control of your financial destiny and retire on your terms.
MoneyRx for CRNAs
I’m a CRNA. How much do I need to retire?
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.