As a resident you probably don’t have too much money to play around with. That being said, don’t forget that you should start saving for retirement if you haven’t done so already. After all, your college friends who went into finance and tech had a huge start ahead of you. But don’t sweat it! It’s not too late. Below are the major differences between the basic retirement accounts.
Residency is without a doubt a busy time. From clinical responsibilities to research to sleep to maintaining sanity, things are not always easy. That being said, a little time spent here and there on financial education can vastly improve your chances of achieving financial independence as early as possible.
Between long hours, research commitments, studying for boards, and whatever other obligations you may have as a resident, saving for retirement probably isn’t at the top of your list. The Roth IRA, however, is the best option you have as a young resident before entering a much higher tax bracket after residency. In short, the Roth IRA is a great retirement tool that you should start taking advantage of NOW.
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