Which investment options are phased out for us?

[Neurologo]

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A new grad here trying to start making some financial plans.
A few quick questions that I would like to confirm with those of you with more knowledge here.

Our pretax earnings ($>200-300k for married filing jointly) disqualify us from the following benefits:
- pretax contribution to Traditional IRA of about $5000/yr ($10,000 for couple).
- student loan interest deduction.

What other pretax/deductions are prohibited to those of us employeed?

After-tax Roth IRA with $18k (for single or married) and back door traditional IRA are the only government sponsored retirement plans available to us. And even these may be confiscated by the big government in near future as it is doing with social security fund.

With the above premises, I plan on paying off my student loans in 4 yrs and pay off a house in 9 yrs and retire in 22 yrs. This is largely possible because it is just my wife and I without children.

Await your guidance.

 

[Plastikos]

Um. No, these are not your only options. In fact, depending on your place (what they offer) and type (employed vs. self) you have far far more options and more importantly the money to put away tax deferred. Lots of other little deductions like child tax, arent allowed etc...

For example, Im self employed. This year I put away 53k in a SEP-IRA, and 6.6 in an HSA. I am wondering what to do as far as strategy wise for the upcoming years. I am thinking of tacking on another 70-150k deferred using a cash balance/defined benefit plan vs. some sort of backdoor ladder or muni bond horde (after rate hikes cause some panic induced discount to NAV action).

You havent even scratched the surface. I'd wander on over to White Coat Investor and read up on his basic investing/tax articles to get a feel for whats out there. Give yourself some time there is a lot out there.

 

[bc65]

After-tax Roth IRA with $18k (for single or married) and back door traditional IRA are the only government sponsored retirement plans available to us. And even these may be confiscated by the big government in near future as it is doing with social security fund.

Please don't talk nonsense. "Big government" is taking away your social security? Well, who gave it to you in the first place? "little government"? No one took away any SS either. They just closed an unintended loophole that opened up in 2000 when the added the "freedom to work" provisions. It's a loophole that should have been closed.

In any case, while you were given good advice above, there are better places to come for advice than here. You said that you were a new grad. Does that mean you just finished med school, or that you finished your residency? Spouse employed ? Are you in a group? Solo practice? There are lots of variables. First, read a book on taxes, then go to white coat investor as you were advised to do above, and read all the articles there on retirement savings, 401k, etc. After you have read everything there, if you still have questions, ask an accountant, or perhaps you might want to use one of the advisers who specialize in physician retirement plans who regularly author articles on WCI.