Links, Templates & Calculators

Debt Management

Student Loans:

U.S. Department of Education Federal Student Aid office

StudentAid.gov Loan Simulator

FedLoan Servicing

Public Service Loan Forgiveness

What Happens to Student Loans When You Die?

AAMC on financial aid

DoctoredMoney provides very good resources, in particular when it comes to student debt. According to the site's Disclaimer, it strives to provide conflict-free educational resources for physicians. The Disclaimer mentions that one of the founders has a company that provides a limited amount of financial planning services, described as accounting for 2% of his household income.  

Car purchase vs lease:

US News on Buying vs. Leasing a Car

Bankrate’s Buy vs. Lease Car Calculator (Bankrate.com)

2017 Consumer Reports Article on Buying vs. Leasing a Car (ConsumerReports.org)

Fuel economy and EPA ratings

 

Mortgage debt:

BankRate Buy vs. Rent calculator

Nerdwallet Buy vs. Rent calculator

Link to Real Estate Closing Costs (Zillow.com)

Merrill Edge Refinancing Calculator Estimates total impact of refinancing a mortgage. Lays out impact of changes in term, interest rates, closing points and fees on total repayment, principal repayment and interest repayments.

 

Credit scores:

Annual Credit Report

FICO credit scores

Federal Trade Commission: choosing a credit counselor

 

Audiobook-related documents

Audiobook 1 Companion Document: Personal Finance Essentials for Doctors.

Assets, Liabilities and Net Worth

Sample Personal Balance Sheet Template v2 (Excel file)

Medscape Physician Debt and Net Worth Report 2016 (Medscape.com Medscape has more recent reports, by year, gender, location, and specialty. The 2016 version is provided because it is publicly available and does not require registration on the site. You should be able to create login credentials to access more recent materials.

Financial Planning

Here is a financial planning checklist. Use this to ensure you've covered all relevant areas of your financial planning needs. 

Cash and Cash Equivalents

Use this template to assemble your rainy-day fund using cash and cash equivalent instruments including checking and savings accounts, CDs, etc.

Children's 529 Plans

The College Savings Plans Network

Paying for College from US News & World Report

Schwab College Savings Calculator Estimates projected costs of a college education for multiple students based on attendance timeframe. Estimates monthly savings required to be able to fund a specified portion of the total cost per student.

Merrill Edge College Planning Calculator Estimates the projected costs of a college education for multiple students based on attendance timeframe. Estimates monthly savings required to achieve goals.

Merrill Edge 529 Plan State Tax Calculator Estimates state tax savings net of federal tax, of saving in a 529 Plan by state.

Vanguard College Savings Planner Tool to estimate the projected costs of a college education for multiple students based on attendance timeframe and current age. Estimates monthly savings required to be able to fund a specified portion of the total cost per student.

Budgeting, Income and Expenses

Sample Household Budget with annual income of $60,000 (Excel file)

Budgeting, Income and Expenses

Sample Household Budget with annual income of $200,000 (Excel file)

Risk and Return

Schwab Investor Profile Questionnaire Questionnaire to help investors assess their investment timeline and risk tolerance and select an investment strategy in line with these.

A Different Perspective on Stock Returns from an Active Asset Manager. This link is not provided to encourage you to become an active investor. It's simply here to introduce you to more information. I have personally known the author for over ten years and interviewed him for an MBA portfolio management class offered at the Johns Hopkins Carey Business School.

U.S. Dominance in Global Services Economy Weakens

Vanguard dramatically cuts its expected rate of return for the stock market over the next decade

Investing Basics

Basic Asset Allocation Template 

Investing Basics

Basic Securities Selection Template

Retirement Planning

Hypothetical Wealth Accumulation Template (assumes 30-year investment horizon)

Bankrate.com Retirement Calculator

Kiplinger Retirement Savings Calculator

AARP (formerly the American Association of Retired Persons) The organization’s mission is to “empower people to choose how they live as they age.”

Social Security Calculators

Fidelity Social Security Benefits Calculator Estimates monthly and lifetime benefits at different claiming ages and models the effect of factors such as current salary on benefits amount.

Women’s Institute for a Secure Retirement: Improving the long-term financial security of all women through education and advocacy

Vanguard Retirement Health Care Costs Calculator

Merrill Edge Personal Retirement Calculator Provides retirement projection based on current income, investments and retirement goals. The effect of strategy changes can be modelled.

Schwab Retirement Income Quiz Very basic quiz designed to educate investors on retirement planning concepts.

The Fidelity Retirement Score(SM) Provides an estimate of monthly retirement income and a retirement plan rating (0-150). Effect of changing retirement age and monthly contributions can also be modelled. 

TD Ameritrade Retirement Calculator Calculates likelihood of a specified amount of money lasting throughout retirement based on estimated life expectancy, retirement spending goals, assets in existing retirement accounts and planned additions. Tool also demonstrates the effect of a market crash on value of a portfolio and provides recommended next steps to improve likelihood of money lasting throughout retirement.

Vanguard Retirement Income Calculator Visual representation of predicted monthly income in retirement compared to projected monthly needs. Projection is calculated using current age, planned retirement age, current salary, predicted % of current salary needed for retirement, existing retirement savings, current annual retirement savings, estimated return on investment, estimated Social Security benefit and pension benefits.

Vanguard Retirement Nest Egg Calculator Calculates the likelihood of retirement savings lasting for a specified period, using current savings balance, projected annual expenditure and investment allocation.

Retirement Planning

Golden Goose Principal calculation template

Retirement Accounts

Contribution Limits by Account Type:

IRS 401(k) Contribution Limits

IRS 403(b) Contribution Limits

IRS 457(b) Contribution Limits

IRS IRA Contribution Limits

 

Miscellaneous Topics:

What are the Differences Between 401(k) and 403(b) Plans?

IRS Cost of Living Adjustment for Limitations on Benefits and Contributions

FINRA on Inherited and Stretch IRAs

Merrill Edge IRA Selector Tool Shows investors the maximum amount they can contribute to a Traditional or Roth IRA in a given tax year and provides information on the different features of these accounts. Note: calculator may still assume RMDs must begin at age 70.5. Recent tax-law changed this age to 72.

TD Ameritrade IRA Selection Tool Not a very sophisticated tool. Provides maximum contributions in a specified tax year to Roth and Traditional IRAs, depending on the investor’s income, filing status and age. Shows what contributions to a Traditional IRA are tax deductible.

Required Minimum Distributions

Schwab RMD Calculator Separate calculators for Traditional/Rollover/SEP/SIMPLE IRAs and Inherited IRAs, allow investors to calculate the minimum annual distribution required from their retirement account once they reach 70.5 years of age. Note calculator may still assume RMDs must begin at age 70.5. Recent tax-law changed this age to 72.

Fidelity Required Minimum Distribution Calculator Estimates minimum annual required distribution from retirement saving once the retirement account holder is over 70.5. Keep in mind some providers have not updated their calculators to account for the higher age (72) at which RMDs must begin.

Fidelity Inherited IRA RMD Calculator Calculates the minimum required distribution from retirement saving for holders of inherited IRA accounts. Keep in mind some providers have not updated their calculators to account for the higher age (72) at which RMDs must begin.

Strata Trust – Increasing Life Expectancies and RMDs

Roth Conversion and Backdoor Roth

Kitces: How to do a Backdoor Roth IRA contribution while avoiding the IRA aggregation rule and the step transaction doctrine

Morningstar Backdoor Roth IRA? Avoid These 6 Mistakes

Nerdwallet Backdoor Roth IRA high-income how-to guide

Bogleheads IRA recharacterization

Schwab Roth IRA Conversion Calculator Models out tax effects of converting a Traditional IRA to a Roth IRA. This requires a number of assumptions, including estimate of federal tax rate when you retire, number of years to retirement, and annual expected return on IRA investments. 

Fidelity Roth Conversion Calculator Tool calculating the tax effect of converting money from another IRA type (e.g. SEP) to a Roth IRA vs leaving the money in the original account. Tool requires a number of assumptions.

Nerdwallet on Roth versus Traditional IRA account?

Tax Considerations

Nerdwallet Federal Income Tax Brackets

Nerdwallet Dividend Tax Rates

Boglehads on Tax-efficient Fund Placement This article addresses some considerations when you have multiple investing accounts, including taxable and tax-advantaged accounts. Deciding in which account to hold which assets is known as Asset Location. Analysis can get quite detailed and contingent on many assumptions.

If you insist on going down the rabbit hole on asset location: Kitces on Asset Location

 

Insurance Companies

The Balance on What is an A-rated Insurance company

AM Best Rating Services

Fitch Ratings - Insurance

MIB Group, Inc. (“MIB”) is a membership corporation owned by over 400 member insurance companies in the US and Canada. Information you share with an insurer will be added to MIB’s database, where it will be accessible to insurance underwriters across the industry. Thus, if you were flagged with any past or existing conditions, these will be known, or accessible, to all insurers. I recommend requesting your MIB Consumer File at the bottom of this page.

Lemonade Inc. is a Public Benefit Corporation (B-Corp) providing home and renters insurance. According to the company's website, "Social impact is part of our legal mission and business model - not just marketing fluff."

Insurance Types

Use the attached Insurance Types Checklist to inventory your existing insurance coverage, across all insurance products. (Delete the sample information and replace with your own.)

Note: You don't necessarily need all these policies. The coverage you need is determined by your household circumstances. 

Some Sources of Disability Insurance Quotes

Here are some potential sources of disability insurance quotes.

Inclusion of a provider on this page does not indicate endorsement of their products and/or services. Providers are included here to give you some experience with the application process. Don't feel obligated to make any purchase(s).

Furthermore, I generally advise against engaging insurance agents as your overall financial advisor. If you do turn to insurance agents, don't get anything from them other than insurance.

 

Policy Genius

Insuring Income

Pattern

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