DMD Staff

IRAs are often discussed as alternatives to a 401(k), but what are the differences within different types of IRAs? 

Saving for your retirement is a process that can start from your very first paycheck. Typically, people invest in a 401k plan offered by an employer. This forced savings account allows you to grow your retirement investment the way you see fit and can be a good fall back in case of emergencies. Yet, the 401k path isn’t the only path you can take to reach retirement.

One of these other paths is putting money into an Individual Retirement Account (IRA). This is essentially another savings account but dedicated to saving for your retirement without having to be opened via an employer.

Opening an IRA also comes with one extra option that a 401k doesn’t, you can choose between a traditional IRA or a Roth IRA. When it comes to both, you are limited in how much you can contribute in a year. If you’re less than 50 years old you can only contribute $5,500, whereas those older than 50 can contribute up to $6,500 a year.

Even though their contribution rules are similar, when it comes to the two key categories of tax rates and rules of withdrawing early there are some major differences between the two IRAs.

A traditional IRA contribution is designated as “pre-tax” meaning based off the amount you contribute you can take a tax deduction for the year you contribute. Once you retire and take that money out then you pay taxes depending on how you distribute it all. In the case of the Roth IRA your contributions aren’t deductible, but once retirement rolls around the amount you take out won’t be taxed.

This may not affect you if it looks like you’ll be in a lower tax bracket after retirement. Sticking with a traditional IRA will make sure you get tax relief at the time of contribution and pay lower taxes later. However, if you planned ahead and saved well then you will have greater potential of paying higher income taxes in retirement. In this case, by using a Roth IRA you protect yourself from raised income tax rates in the future.

While early withdrawal is not recommended for any sort of retirement savings sometimes life doesn’t always let you wait to hatch a nest egg in the golden years. If this is the case, you can break into either type of IRA account early. With some consequences.

Traditional IRA’s can come with a hefty tax penalty if you withdraw early and will be taxed regularly. If you are younger than 59.5 years old you will be subject to a 

. In certain cases, like a first-time home purchase or qualifying educational expenses, you may be able to avoid a penalty and will still be taxed on your earnings.

, if you withdraw from your Roth IRA younger than 59.5 years old and your account is not five years old then your earnings will be subject to taxes and penalties. Despite this, you can avoid penalties if you meet certain requirements, like using the withdrawal for a first-time home purchase or if you have a disability.

Now, if your Roth IRA is five years old and you withdraw from it younger than 59.5 years old you won’t be subject to a penalty. Your earnings also won’t be taxed if you meet the same conditions as withdrawing from it when the account is less than 5 years old.

Both a Roth IRA and Traditional IRA provide their own benefits and disadvantages that make them unique, whether or not they’re unique to your financial situation is ultimately up to you. They can provide more freedom than a 401(k) as a replacement, but also another retirement focused savings account for you and your family in conjuction with your 401(k). Both have different rules for withdrawing early, but maybe you will focus on waiting till the right time to tap into them. The choice is yours, just make sure to consider all your options.

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Articles

401k, IRA, traditional IRA, Roth IRA, so many retirement options where does one begin? First, make sure you know the difference between a traditional IRA and Roth IRA before considering steering away from the 401k path.

What Are the Differences Between a Traditional IRA and a Roth IRA?

Combined, the efforts of dentists and their practices are helping restore the lives of thousands. 

In the wake of disasters like the ones that have plagued the U.S. and its island territories, communities look to their leaders for support.

The response of large franchises and independent practices across the country just goes to show that when the going gets tough, dentists can be heroes. Here are a few ways dentistry has stepped up to the plate to help victims of the recent hurricanes.

With more than 200 supported offices in Florida and Texas, the leaders of 

, Heartland Dental, the largest dental support organization in the country, initiated a relief effort to help dentists and dental professionals affected by Hurricanes Harvey and Irma.

Patrick Bauer, president and CEO of Heartland Dental, said it was imperative that the company do everything in its power to support their network.

“It was important to me that members of our Heartland Dental family who were unable to work due to the storms, still received pay and insurance coverage. I often talk about doing the right thing for the right reason, and this situation is no different,” Bauer said in a 

So far, $40,000 have been raised, and Heartland Dental will match up to $50,000 for team members in need.

In an effort to help dentists in all the locations hit by powerful storms, the American Dental Association is asking members to contribute to the ADA Foundation Emergency Disaster Grant Program.

, the Foundation is working with the Texas Dental Association and the Florida Dental Association to move the grant application process along. The Foundation pledged to provide immediate financial assistance to eligible dentists and cover food, water, clothing and shelter up to $2,000.

This Pipestone, Minnesota practice is no stranger to fundraising, so when 

 reached out to them to ask if they wanted to help gather donations, the decision was simple.

“We worked with Operation Gratitude in the past for fundraising in many different ways, about what they were doing. It was the least we could do, and it was a very short timeline. We still have patients calling and asking us how they can contribute,” 

 office manager Erica Hazelton from said of their efforts.

With just a few days to spare, the practice was able to collect new socks, underwear, and hand and foot warmers to send off to Harvey victims in Texas and Louisiana.

After learning that more than 200,000 people were forced from their homes, employees at 

 in Media, PA felt compelled to help in any capacity they could.

In two weeks, the practice accepted clothing, household items, diapers, and more to send to victims through Salvation Army.

Over in Boston, the DentaQuest franchise answered their calling to service by donating $1 million to Harvey relief efforts, according to 

“We know the road to recovery will not be easy, but we are here to support Texas,” DentaQuest President and CEO 

 said in a release. “Alone we can help individuals, but together we can rebuild communities.”

Pollock also exhorted others to help Governor Greg Abbotts elicit $100 million to send to disaster victims.

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Catastrophic storms have rocked communities across the U.S., but these disasters are no match for the dental community. Practices big and small hurried to collect donations for their fellow dentists and other victims in the areas hit hardest. Continue below to find out what they did and how you can help, too. 

5 Ways Dentistry is Making a Big Impact on Disaster Victims

Board of Dentistry pulls license of former Ocala dentist

 An Ocala dentist, who weathered numerous license suspensions in the past several years, may be out of business permanently after the Florida Department of Health’s Board of Dentistry voted to revoke his license. Department of Health investigators charged Dr. Ben Mac-Ryan Spivey with violating several Florida statutes as the result of caring for two patients. Spivey was absent during the Aug. 25 proceeding in which Board of Dentistry members voted unanimously to stop him from practicing.

 It's a common misconception that veterans get dental care covered along with the rest of their benefits. But while the VA does offer dental, most vets don't qualify. So a Reno dentist's office is taking on the mission to serve those who have served.

Could this tooth decay vaccine end frightening visits to the dentist?

 Dreaded trips to see your dentist could be replaced with a vaccine to prevent tooth decay in the future, researchers predict. The jab, developed by Chinese scientists, offers a dose of proteins that are effective at removing build-ups of plaque responsible for cavities. Early trials show it to be 64 percent effective - meaning people would still have to brush their teeth twice a day to avoid a trip to the dentist's chair.

Bill to expand access to dentistry picks up steam on Beacon Hill

 Claiming momentum in a fierce policy battle, lawmakers who favor a legal expansion of the scope of dentistry work so that more patients can be served say they are gaining ground on Beacon Hill. "I'm very proud that the fact is the dentists are at the table with us, talking about this," said Rep. William "Smitty" Pignatelli, D-Lenox, who represents many rural communities in Berkshire County, hearing on legislation authorizing a new type of professional, a dental therapist. "This wasn't happening a year ago, but it's happening today. This mid-level practitioner, no pun intended, will fill the gap for so many folks who are in need of health care."

Dental checkups urged for babies -- but many dentists are wary

 Allen Barron scrunches up his tiny face and wails as his mother gently tips him backward onto the lap of Jean Calvo, a pediatric dental resident at the University of California-San Francisco. Allen's crying may be distressing, but his wide-open mouth allows Calvo to begin the exam. She counts his baby teeth and checks for dental decay.

A dentist in Ocala, Florida had his license revoked for apparent malpractice after a unanimous vote from the Florida Department of Health's Board of Dentistry. That tops this week's news in the world of dentistry. Also making the list: Free care for veterans, a tooth decay vaccine and dental care for babies. 


The DMD Check-up: Florida Dentist Stripped of License for Malpractice

Money mistakes, the art of upselling and VR in dental schools: These stories are among the most popular on our website this week. Catch up on what you missed while you were filling cavities.

Not everyone shops at Neiman Marcus or Nordstrom’s. Some prefer Walmart or Target, or a small, independent boutique. The same holds for dental practices. Anita Rathee, D.D.S., M.P.H., an integrative and cosmetic dentist, says there will always be a market for every type of practice. The key is knowing how to make it work.

Weekly Tech: Trade-Offs and Advantages of VR in Dental Training

Virtual reality in dentistry is usually discussed in the context of enhancing the patient experience. But in dental schools, virtual reality is slowly making its way into the classroom. Continue below to learn about the pros and cons of virtual reality technology for clinical training purposes.

6 Money Mistakes that Cost Dentists Thousands

Dentists are known for their high income, but what many lack the know-how to manage their money. Michael Abernathy, owner and founder of Summit Practice Solutions, knows a thing or two about avoiding financial disaster. Continue below for the six big mistakes Abernathy sees the most from his clients.

As a doctor, it may feel unnatural to look at your patients as sales opportunities. But marketing is necessary, and if you're not updating your patients on the services you offer, you could be keeping them from the smile they desire. Continue below for some strategies on upselling your services.

What Spaceflight and Mountaineering Have in Common

Most people will never travel to space or climb Mt. Everest, but Scott Parazynski, M.D., accomplished both. In this clip, he connects the dots between the two endeavors to reveal how they are alike. Continue to hear what spaceflight and mountaineering have in common.

Money mistakes, the art of upselling and VR in dental schools: These stories are among the most popular on our website this week. Catch up on what you missed while you were filling cavities.


The DMD Top 5 for the Week Ending September 22, 2017

“Flying in space and climbing Mt. Everest actually have a lot of similarities. In fact, I remember leaving my tent at high camp four, which is a 26,000 ft., in the middle of the night. I had a big down suit on, I had a backpack on with an oxygen tank in the back, I had lights on my head, big bulky gloves like my spacewalking gloves. I had to put crampons on my boots and I was connecting to fixed lines on the way to the summit. It felt like floating out of the hatch on a spacewalk — the same sorts of tasks, the same sorts of mental and physical preparations. The importance of having good gear and having great teammates really resonated with me, it seemed like a very similar operational environment. Obviously, they're very different places. One has gravity the other doesn't, but the same sort of mindset went into both, and I think one experience gave me confidence to then tackle the other, and also the skillset and mindset to do it safely. I went to Mt. Everest with the intent of making it a round trip. It's very important not to just have your laser-focus on achieving the summit, but making it a round trip. If you don't come back home it doesn't really count, so I think that my two career paths in spaceflight and mountaineering really complemented one another, and I wouldn't say that I fearless in any way. In fact, I just manage risk that gives me confidence to take on challenges like this.” 

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Videos

New York City offers the highest volume of restaurants and bars in the U.S.

Ask a group of people what they think is fun, and you’re sure to elicit many different opinions. But if there’s one thing everyone can agree on, fun is gleaned through activities that give joy and pleasure to those who participate in them. Be it dining out, clubbing, hiking, or going to the movies, fun is in the eye of the beholder. That’s why cities that offer variety, according to WalletHub, rank high on the fun-o-meter.

“In order to determine the most fun cities in the U.S., WalletHub’s analysts compared the 150 most populated cities across three key dimensions: 1) Entertainment & Recreation, 2) Nightlife & Parties and 3) Costs,” 

The data for WalletHub’s rankings were generated from a comparison of the 150 largest cities in the U.S. The comparisons are based on 58 criteria, including number of restaurants, fitness centers, parks and beer prices. Check out the top and bottom 10 to see which cities you may want to visit next.

·Despite its “gold state” moniker, California has the highest number of low-ranking cities

·Honolulu, HI, San Francisco, CA, Tampa, FL, New Orleans, LA, and Las Vegas, NV have the most festivals per capita.

·Anchorage, AK, Chesapeake VA, Jacksonville, FL, Scottsdale, AZ and Fremont, CA have the most acres of parkland per capita.

·Albuquerque, NM, Laredo, TX, Birmingham, AL, Cleveland, OH, and Oklahoma City, OK have the lowest average beer prices.

·The most affordable movie costs are found in Port St. Lucie, FL, Corpus Christi, TX, Montogmery, AL, Bakersfield, CA, and Springfield, MO.  

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Fun is a loose term that means different things to different people. The analysts at WalletHub, a personal finance website, put their heads together to objectively define fun and figure out which cities have the most of it in stock. Keep reading to see which travel destinations are down with your idea of a good time. 


The Most and Least Fun Cities in the U.S.

A new study is testing the efficacy of squid ink as a replacement for periodontal probes. That tops this week’s news so far in the world of dentistry. Also making the list: augmented reality, NHS dental practices and pain alternatives.

Why Your Dentist Might Start Asking You to Swish With Squid Ink

 We’re all for advances in dentistry that don’t involve our gums being jabbed with pointy metal objects. A 

 is taking on one of those pointy metal objects—the periodontal probe—and looking to replace it with an unlikely solution: squid ink.

Local developer working on pain alternatives in dentistry

 Lombardi said he wouldn’t want someone’s drug addiction on his conscious, so that’s why he’s one of the first dentists in the area to use a new product called DPR. DPR helps lessen the need for opioid painkillers. It’s an oral paste that dentists can use to help patients who have all of their teeth pulled.

Smile, you’re in augmented reality dentistry

 For someone getting major dental work or reconstructive surgery, it can be hard to visualize what they’ll look like afterwards. You can do casts and make wax molds, but that’s a bit… 19th century, isn’t it? 

 brings the, in retrospect, obvious solution of augmented reality to the problem, giving patients a virtual view of the smile they could soon have.

Giving back: Associations magnify dentists' community impact

 The heart of dentistry is the unyielding desire to help others. A commitment to improving the oral health of all Californians is why many CDA members entered the profession, and it’s why so many dentists are passionate about giving back to their communities. Whether through volunteer efforts, advocacy or leadership, CDA can help act as a conduit for those looking to make a difference.

A new study is testing the efficacy of squid ink as a replacement for periodontal probes. That tops this week's news so far in the world of dentistry. Also making the list: augmented reality, NHS dental practices and pain alternatives. 


The DMD Checkup: Squid Ink Could Replace Probes

The DMD Top 5 for the Week Ending September 15, 2017

The world’s first FDA-approved true regeneration laser, marketing cosmetic services and #MyWeirdDentist: These stories are among the most popular on our website this week. Catch up on what you missed while you were filling cavities.

Tech Tuesday: The World's First FDA-Cleared Laser for True Regeneration

 When Dr. Robert Gregg developed the LANAP protocol, he opened a door to less painful and simplified alternatives to oral surgery. This tech Tuesday, DMD explores the options provided by Gregg’s Periolase MVP-7 laser, the FDA-cleared LANAP derivative getting patients out of the periodontal penalty box. Continue below to find out more about this device.

Q&A with Dr. Edward Alvarez: How to Market Cosmetic Services, Part II

 Social media’s amplification of visual aesthetics bodes well for dentists. With so many young people looking to perfect or simply improve their smiles, opportunities to attract new patients abound — but so does the competition. Whitening is a service offered at almost any dental practice, so how can you make your practice stand out? Dr. Edward Alvarez, DDS, specializes in all things cosmetic dentistry. Keep reading for his advice on marketing your whitening services.

In Case You Missed It: DMD's #MyWeirdDentist Favorites

 The Tonight Show with Jimmy Fallon’s “Hashtags” segment has modernized late night television by allowing direct social media participation from the audience. This past April, #MyWeirdDentist made waves on the web, and we at DMD couldn’t help but revisit these hilarious Tweets. Here are a few of our favorites.

 Dentists are hardly seen as the edgy rebels of the medical industry. In fact, a career in dentistry usually comes with a clean reputation and rarely makes headlines. But like any demographic, there are outliers. Below are dentists who have made the news for the wrong reasons.

Credit Card Debt: Management Tips and 2017 Trends

 Dentists are no strangers to debt. Between the costs of an education, getting licensed and then opening and operating a practice, borrowing money is a necessary evil. If you find yourself overwhelmed by credit card debt in particular, you're not alone. Continue below to WalletHub's assessment of credit card debt in 2017.

The world's first FDA-approved true regeneration laser, marketing cosmetic services and #MyWeirdDentist: These stories are among the most popular on our website this week. Catch up on what you missed while you were filling cavities.


Kool Smiles offers multiple programs that directly benefit the communities they serve. 

Everyone’s path in dentistry is different. Kool Smiles, a dental service organization catering to children’s dental health, aims to make that path a little more navigable with a new online career fair.

From September 18 to 25, practicing dentists, dental students and new grads searching for a way to aid underserved communities can take advantage of dozens of job openings across the country. Better yet, job seekers can reap the benefits of the fair, like doctor testimonials and online applications, from the comfort of their homes or offices.

Kool Smiles hopes the weeklong event will not only help kick-start the careers of young professionals and students.

"With competitive compensation, comprehensive benefits and numerous opportunities for advancement, our dentists find that they don't have to choose between earning a living and doing something greater. They find both at Kool Smiles, along with a group of hard-working, fun-loving people who share a passion for working with a purpose," Dr. Dale Mayfield, Chief Dental Officer for Kool Smiles, said in a 

According to the press release, Kool Smiles is an avenue toward myriad opportunities for personal and professional advancement. In addition to opening the door to career options, the organization offers a comprehensive compliance and training program to support new dentists trying to give back to their communities.

Dental health outreach and education programs, such as the annual Halloween candy buy-back program, are just one such way Kool Smile dentists can feel rewarded by their work. Mission trips around the globe and free dental care days are also a regular part of the Kool Smiles initiative.

To register for the online career fair, visit 

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Dentists and dental students looking for ways to make meaningful contributions to their communities, look no further than the Kool Smiles e-Career Fair. The children's dental health provider will offer a week-long online outlet for dental professionals to find work all across the country. Continue below to find out more. 

DSO Kool Smiles Opens E-Career Fair to Dentists and Students Alike

Everyone has debt — be it the thousands you borrowed to go to dental school or a car loan you’ve just about paid off, most people will go through life owing money. Credit card debt is an especially insightful tool for gauging a population's financial health and predicting economic outlooks.

, a personal finance website, crunched the numbers for 2017 and gleaned a few surprising facts about Americans’ credit card debt. With 2016 netting some of the greatest credit debt since the Great Recession, the new year was bound to face its own set of struggles.

According to WalletHub analysts, although 2017 got off to a good start with more than $30 billion in first-quarter pay down, $33 billion in new debt was accumulated over the next quarter.

“WalletHub projects that we will end 2017 with more than $60 billion in new credit card debt,” WalletHub reported. “That would mean we’d owe well over $1 trillion in credit card debt overall.”

Below are some highlights from the study, and a few ways you can improve your own credit health going into 2018.

·The second quarter of 2017 saw the second-highest amount of credit debt since 2008.

·2016’s final-quarter debt was 130 percent above the post-recession average.

·Charge-off rates are at all-time lows, leading lenders to extend credit. Analysts believe these extensions will lead to a bubble burst.

·The average credit card debt per household as of Q2 2017 is $7,996, five percent higher than a year ago.

WalletHub’s experts recommend the following strategies to get yourself on a path to financial health.

. While you most likely have a solid idea of what you can spend, sometimes our impulses get the better of us. Once you have a budget in place, task yourself with sticking to it by creating a rank-order, or a priority list, for your expenses. Sorry, but this means the fun stuff goes at the bottom.

Sadly, this does not mean taking a nap in a hammock. The Island Approach strategy entails keeping several credit cards for different expenses. Offers that allow you to transfer your debt to another line with a limited 0 percent interest period can help you pay off your cards faster.

 As the old saying goes, just get it over with. Putting more money into balances with the highest interest rate and paying the minimum on your other debts will benefit your standing in the long run.

 Sometimes, the best budget planning means advancing your career or simplifying your life. If you feel overwhelmed by debt, look at your situation as an opportunity to gain new skills or move up in your field.

Dentists are no strangers to debt. Between the costs of an education, getting licensed and then opening and operating a practice, borrowing money is a necessary evil. If you find yourself overwhelmed by credit card debt in particular, you're not alone. Continue below to WalletHub's assessment of credit card debt in 2017.