As more and more adults in the U.S. receive their COVID-19 vaccination, life is slowly returning to normal. As a healthcare professional, you probably have a good understanding of the science behind this. However, you may be wondering how best to move forward when it comes to your finances. After a year of financial uncertainty, what next steps should you take to ensure you stay on track to achieve your financial goals?
Most people assume that they will retire in their 60 or 70s, likely because that is when Social Security kicks in. However, there are no rules about when you can retire; you just need to be able to replace your income with another source.
That being said, it may be possible for you to retire at 55, 50, or even sooner. If this is a goal that you have, take these steps to begin funding your early retirement.
Although Social Security may not make up the bulk of your retirement income, maximizing the amount you receive can be key to creating the kind of retirement you are hoping for. Whether you are months or years from retirement, consider these three strategies from IMAFS, Boise’s top financial planning firm for physicians, to help you maximize your Social Security benefits.
This past year, we have all been through unprecedented changes. Pay cuts, job loss, and remote work have changed the lives of people all over the world. And while we were homeschooling kids while working from home and ordering our groceries online, we were probably also trying to come to terms with the downward swings happening in the market.
As you start preparing to downshift your life to a slower pace — or at least a different pace — and enter your retirement years, you’ll want to consider the best way to make sure your money doesn’t run out.
While there are never any guarantees, proper retirement planning and careful money management will help you retire with confidence and enough assets to comfortably live for the rest of your life.
When it comes to finances, insurance certainly isn’t as exciting to talk about as how to accumulate enough wealth for retirement or the hottest new mutual fund or stock, but it is equally as important. After all, what good is a financial legacy, a business, or an elaborate plan to protect what you have if you lose it all to death, disability, or other issues?
That’s where insurance comes in.
An estate plan ensures that your assets and responsibilities will be properly handled after you pass on. Although it’s often difficult to talk about, establishing a plan is essential in ensuring your loved ones will be taken care of after you are gone. An effective estate plan will decrease your loved ones’ stress in the wake of your passing, minimize the effect of taxes, and ensure that they receive exactly what you want them to.
Times like these might make you want to pay your physician wealth management advisor a visit and tell them to take everything out of the market in the interest of avoiding volatility. Let me be very direct: DON’T! Almost without exception, it is better to stick with your long-term plan.
Because many physicians are compensated relative to the work they do, most have seen an immediate, substantial drop in income. Many are now living on a mere fraction of what they were making before. So, as a healthcare professional, what steps can you take to ensure financial stability for your business and your family? Consider these practical applications.
As you near retirement, the reality of exiting the accumulation phase and entering the distribution phase of life starts to set in. Everything is going to change; financial strategies during retirement vary drastically from the strategies you used during your working years. Are you prepared? Have you adequately planned and saved?