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CRNA Advisors Articles
At CRNA Advisors, we make it our mission to provide expert knowledge affecting CRNAs and other investors today. Putting you at the forefront of the financial industry, the articles found here give in-depth information to help you make wise financial decisions.
Consider all these posts “CRNA Knowledge and Insight.”
As a dedicated and motivated CRNA, you have spent your entire career being an advocate for your patients in the operating room. You’ve put in countless hours, either as a W-2 employee or as a locum contractor, in a fast-paced career that can eventually afford you the freedom to retire comfortably.
Freedom! It is one of the main reasons CRNAs cite for becoming independent contractors. They want the freedom to achieve a better work/life balance, opportunity for growth and travel, plus scheduling flexibility.
The Coronavirus pandemic has forced a lot of CRNAs to take a closer look at their finances, and we often reach out to many different sources to get advice on ways to proceed.
With all that’s going on today, many CRNAs are reconsidering what’s truly important in life. Over the past year, the pandemic has impacted so many aspects of our everyday lives, and as a result, we are seeing more and more CRNAs choose to retire early.
Another Inauguration Day has passed, and while it was historic, as always, it also felt different this time. Certainly, the country remains split on where we’re headed. One party is optimistic for the future, while the other is concerned about what’s to come.
When we celebrated New Year’s Eve a year ago, who could have guessed that 2020 would have gone the way it has? It’s worth taking a look back at the year to review the financial challenges that CRNAs have faced and consider these six strategies to put ourselves in a more secure position moving forward.
Becoming a CRNA independent contractor can be complicated, but very lucrative. Every day, our experts help freelance CRNAs from all across the country make sure they are taking advantage of all the opportunities that 1099 can bring. Whether you're a seasoned 1099 veteran or just starting out, our experienced team can review your situation to make sure you aren't missing out on some of the benefits of being a CRNA freelancer.
For many years, the CRNA profession has been a relatively stable and financially secure career path, but the COVID-19 pandemic has wreaked havoc in countless ways all across the globe this year. As a result, many CRNAs have experienced reduced hours, furloughs, salary cuts and/or employer retirement plan changes.
If you’re like a lot of CRNAs, dealing with money isn’t always your top priority. That’s especially true during a year like we’ve experienced in 2020. It’s easy to put financial planning aside and worry about what’s immediately in front of you at work and at home.
According to a recent report by the AANA, over 50% of practicing CRNAs planned to retire by 2022, but the financial impacts of COVID-19 may be threatening those plans for many. Across the country, thousands of CRNAs are now nearing retirement with significantly devalued portfolios. Naturally, they are fearful for their future.
So far, 2020 has proven to be a year of change. Over the past few weeks, we’ve spoken with thousands of CRNAs across the country who have been impacted by COVID-19 in a variety of ways.
Right out the gate, you can see how confusing Medicare can be! Many people feel that you must sign up for Medicare when you turn 65 (even though you are still working or your spouse is, etc.). One of the many myths that we work to combat on a daily basis!
As a CRNA, you make critical decisions all the time, oftentimes without even thinking about it. Your years in school prepared you to make sound medical decisions at a moment’s notice. But beyond the operating room, some important choices may not come as naturally.
Watch our inaugural episode of "The Saavy CRNA" as host, William McNeer, CFP®, AIF® discusses the fundamentals of payroll tax, compensation, and tax liability for freelance CRNAs.
While I am sure it will come as no surprise, the CRNA profession is one of the most stressful career paths you can choose. According to the Occupational Information Network, a US Department of Labor job database, on a scale from 1 (least stressful) to 100 (most stressful), CRNA’s stress tolerance level is a whopping 98! [1] (Lucky for me, financial planners only experience a 77 stress tolerance level.)
We already know that divorce can be messy and painful, but did you know that it’s about to get a lot more expensive as well? The passing of President Trump’s tax reform bill affects almost everyone in some way.
Ever hear the old wives tale that 50% of marriages end in divorce? While it’s hard to pinpoint an exact divorce rate, some researchers report current rates could be as high as 50% while others believe the rate has been steadily declining over the past few decades and 30% is a more accurate statistic.
When it comes time to choose a career path or shift occupations, one of the top considerations is financial. Will this career provide the income I desire? Is it worth the investment of time and money to get the education I need?
If you Google how much you should be saving for retirement, you’ll likely find a wide range of numbers, anywhere from 5% to 20% of your gross income. But how much do Americans actually save?
We’ve previously discussed the benefits of an IRA, but many CRNAs are unaware of the potential power of an inherited IRA, be it one you inherit from your parents or one you pass on to your children.
We all know that healthcare planning is a huge part of retirement planning. But, WHEN do we really start that conversation? And how do we approach such an enormous topic?
In the last few years, lines have blurred between financial advisors and insurance agents. Many professionals consider themselves both, when they’re not. The problem is that the word “advisor” has become a broad term to refer to anyone who provides advice on a financial topic.
Did you know that CRNA Financial Planning is one of the only financial planning firms exclusively serving CRNAs? It’s true.
Even though money is fungible, we often categorize our money into different buckets, be it by types of spending or time frame. We also tend to mentally prioritize our income and assets, focusing first on covering our current income needs, then to our existing assets, and lastly to our savings for future needs.
As a CRNA and business owner, it’s easy to get caught up in the busyness of the day and neglect some of the housekeeping elements of running a business. Rather than wait until the end of the year to prepare for the upcoming tax season, make it a goal this year to get ahead of the game.
The new 2018 Section 199A tax deduction that you can claim on your IRS Form 1040 is a big deal.
As a freelancer, you’re both a CRNA and a business owner, which means you have a lot more responsibilities. A few wrong mistakes could mean losing money or facing tax penalties.
If you were going into a surgery for a procedure, you wouldn’t trust just anyone. You would take your time finding just the right person because your health is important to you.
As a CRNA, you’ve worked hard in your education and career to get where you are. Regardless of whether you are currently employed or have already retired, it’s important to preserve the assets for which you have so diligently worked.