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
How Much is REALLY Enough to Retire as a CRNA?
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How much money do you really need to retire as a CRNA? If you've got savings but still feel uncertain about when you can safely stop working, this episode is for you.
Brett explores:
- The three retirement spending levels every CRNA needs to understand (survival, comfortable, and premium)
- Why retiring at 55 versus 65 can mean a $1.75 million difference in required savings
- The asset location strategy that could save you $300,000 in retirement costs
- The healthcare gap problem and how to bridge the 10 years before Medicare
- The Rule of 55 versus the 59½ penalty wall
- A systematic approach to calculate your true spending needs and portfolio requirements
- The tax trap of massive Required Minimum Distributions and how to avoid it
- Tax-diversified withdrawal strategies including the 0% capital gains bracket
- Realistic retirement ranges for CRNAs at different spending levels
Whether you're sitting on $800,000 or $2.1 million, you'll see why the amount you've saved might not be the real issue and what you should focus on instead.
#CRNAs #RetirementPlanning #FinancialFreedom #HealthcareProfessionals
Key Timestamps:
(0:47) How much money do I really need to retire?
(1:49) The reality of CRNA career demands and early retirement
(2:53) The three retirement spending levels
(4:22) Retirement numbers for $\$10,000$ per month after taxes
(5:27) The asset location strategy most CRNAs miss
(6:08) The healthcare gap problem before Medicare
(6:33) The Rule of 55 vs. the 59-and-a-half penalty wall
(7:48) Systematic approach: Calculate your true spending and portfolio needs
(9:48) The tax issue and massive Required Minimum Distributions (RMDs)
(10:50) Tax-diversified withdrawal strategy (0% capital gains bracket)
(12:09) Realistic retirement ranges for CRNAs
(13:48) The goal: Accumulate enough money to retire on your terms
For more information and resources related to this episode, please visit the show notes.