Episode 59. Joel Greenwald, MD CFP — Retirement Withdrawal Strategies

Welcome to the Doctor Money Matters Podcast. It has certainly been an eventful spring between the Covid crisis and the national protests bringing more attention to the unequal treatment of African Americans by law enforcement, and also the financial market volatility.

Joel Greenwald, MD CFP

Our guest was Joel Greenwald, MD a physician turned financial planner in Minnesota who has a long term financial planning business managing mostly physicians money called Greenwald wealth management.

We talk on this episode about the strategies of withdrawing assets once you retire. How do younger physicians get to the asset level we talk about? We also talk about the pros and cons of annuities. He doesn’t recommend them for the asset accumulation phase but they can make sense in retirement and we talk about examples of annuities. He does not use them frequently and talks about the conflict of interests that some advisors have. 

We also talk about the bucket strategy and withdrawal from different types of accounts (tax free, tax deferred, taxable)

Joel thinks that for most physicians working now, social security will still exist and you can get some income from that. However its going to be variable and should not be a significant part of your retirement strategy.

We also discuss alternate strategies of withdrawal for FIRE and each talk about our thoughts on the 4% rule.

Finally we talk about real estate investing and whether Dr. Greenwald’s clients are investing in it. I mentioned that social media is the new golf course/doctors lounge where some ideas that are pitched are not fully vetted and we should be somewhat skeptical about them.

Click here for more info on Greenwald Wealth Management

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