Retirement Account Rollovers and Consolidation for Physicians

In this episode of the Doctor’s Eyes Only podcast, Vestia Partner and CEO Lauren Oschman provides guidance to physicians on consolidating multiple retirement accounts that may have been left behind at a previous employer after switching jobs. Lauren talks about many different options including consolidating assets into an IRA, rolling over to a new employer’s 401K or 403B, converting to a Roth IRA, leaving the account as-is, or cashing out (This is rarely recommended due to potential tax implications). Some of the important details that are covered include asset protection, fees, Backdoor Roth IRA eligibility, and the hassle of tracking multiple accounts.

Once again, as we have made known before, wee are not accountants. As financial advisors, we do often work closely with accountants to help with client tax strategy, but we are not accountants. So any of these tax specific topics talked about in this podcast, we will defer to the expertise of your accountant and recommend that you run any of these things by your accountant before you make a final decision.