I'm a young unmarried attending in Anesthesiology without kids just starting out at a large academic center in a state with income tax. I'm paid as an employee, salary ~$340,000 including call pay. I plan to live without extravagance and within my means. My only debt is my student loans and current mortgage. I'm looking to minimize my federal and state tax burden (since I don't have a family) and to maximize my savings potential and would love advice for any ideas I might be missing. Here's what I'm doing--
1) Receiving annual 9% employer income contribution up to an annual base salary of $240k into a 401(a) = $21,600. This is provided in addition to salary and is contributed by the employer.
2) Max employee contribution into a 403b and also a 457 account, each max $18k annual contribution for a total of $36k pre-tax.
3) Contributing max into my HSA for my HDHP, $3400 annually pretax.
4) Own my home, so claiming mortgage interest on income taxes.
5) I already have contributed 4 years of payments into Public Service Loan Forgiveness, I ran the numbers doing a quick two-year pay down vs PSLF and PSLF came out on top for me. I think (hope?) the program will remain solvent. So, I plan to do IBR (REPAYE program) over the next 6 years and hope the remainder will be forgiven at that time.
6) Backdoor Roth IRA, max $5500 annual after tax contributions.
7) Other savings into a taxable investment account - my goal is to save at around $100k annually.
Any other suggestions? Thanks!
1) Receiving annual 9% employer income contribution up to an annual base salary of $240k into a 401(a) = $21,600. This is provided in addition to salary and is contributed by the employer.
2) Max employee contribution into a 403b and also a 457 account, each max $18k annual contribution for a total of $36k pre-tax.
3) Contributing max into my HSA for my HDHP, $3400 annually pretax.
4) Own my home, so claiming mortgage interest on income taxes.
5) I already have contributed 4 years of payments into Public Service Loan Forgiveness, I ran the numbers doing a quick two-year pay down vs PSLF and PSLF came out on top for me. I think (hope?) the program will remain solvent. So, I plan to do IBR (REPAYE program) over the next 6 years and hope the remainder will be forgiven at that time.
6) Backdoor Roth IRA, max $5500 annual after tax contributions.
7) Other savings into a taxable investment account - my goal is to save at around $100k annually.
Any other suggestions? Thanks!
Comment