Ep 241: Top Retirement Planning Mistakes CRNAs Need to Avoid

 

Check out the timestamps below to help you navigate through the many topics we discussed.

On This Episode:

Are you a CRNA who feels lost in the complicated world of retirement planning? With many different account types and investment options, it’s easy to make mistakes when it comes to your finances. In this episode, Jeremy Stanley, CFP® will cover some of the mistakes CRNAs make with their retirement plan and help you better understand how to utilize different account types to save for the future.

The first mistake we see is leaving retirement accounts with former employers. CRNA will transition into different positions during their career and don’t do much with those old accounts when they leave a job. But it’s important to know what you have and be aware of the options you might have to consolidate those accounts and give yourself more flexibility.

The next thing we often see is CRNAs won’t rebalance as much as they should. Without having a financial professional to evaluate your portfolio consistently, most people won’t rebalance their investments to stay aligned with their goals. As the market fluctuates and your needs change, your investments need to shift as well to help you stay on track for retirement.

Speaking of investments, CRNAs and many other investors will pick out a target date fund and rely on that to provide the growth they need. While those funds can be a good starting point and provide a low-maintenance option, they aren’t necessarily the ideal choice for everyone. Just because you have a certain age in mind for retirement, your path to get there won’t be the same as everyone else so a one-size-fits-all approach has its limitations.

The final mistake we want to highlight is not understanding the fees and the costs associated with your plan and your investments. You might assume that these would be clearly labeled and easy to find on statements, but that’s unfortunately not the case at all. When that happens, you end up cutting into the potential returns and that can add up significantly over years.

Whether you’re an employee or an independent contractor, every CRNA needs to give their retirement plan the attention it deserves to make sure you have everything in place to get where you want to go after a hard-working career.  

Here are some of the things you’ll learn on this show:

  • The different types of retirement accounts CRNAs commonly have. [3:50]
  • What you should do with those retirement accounts with former employers? [7:52]
  • Are you rebalancing your portfolio enough? [10:12]
  • Why Target Date Funds aren’t as effective as you might believe. [11:26]
  • Do you know what fees and costs you’re paying? [15:35]
  • Investing options for CRNAs who are 1099 and independent contractors [18:12]
  • Final retirement planning thoughts from Jeremy. [29:28]

Contact CRNA Financial Planning here: https://www.crnafinancialplanning.com/ 

Check out the interview at the top of the page and use the timestamps to help you navigate through the many topics we discussed.


When you’re dealing with your retirement plan, first and foremost pay attention. Make sure you have the right plan that’s going to get you where you want to go. That’s if you’re W2 or 1099.

Jeremy Stanley, CFP®


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