An estate plan works like the operating system on your phone or computer. It runs in the background. However, it needs occasional updates to keep the plan current.
The Setting Every Community Up for Retirement Enhancement (Secure) Act upended inherited IRAs for most non-spousal beneficiaries. The 10-year rule for withdrawing from inherited IRAs eliminated the ability to stretch inherited IRAs for these beneficiaries.
Given their salaries and the chances of getting sued, physicians should strongly consider estate planning early in their careers.
On its surface, Social Security seems like a fairly straightforward program. You and your employer pay a tax based on your earnings, while you work. When you retire, you get a lifelong income stream that’s somewhat tied to how much you paid into the system.