Looming retirement becoming a major concern

In a recent survey of CPAs holding the personal financial specialist credential, 9 out of 10 CPAs surveyed said their individual clients were concerned about retirement. The research also noted that almost 32% of the respondents said clients approaching retirement age are postponing their retirement for financial reasons.

I personally cannot believe still how many physicians there are in the country THAT HAVE TO WORK; in other words, they can't retire! I won't go in to the "why's" of this but the major reason is that most physicians just don't PLAN for their retirement.

Every working physician must commit to retirement planning in some form or fashion. Though the costs are high, get a retirement plan started within the medical practice..........start a program of savings.

Here a simple piece of advice: create a situation where money is taken away BEFORE you have the ability to spend it (ex. have monies drafted out of your bank account in to a saving vehicle). This works for many if not all individuals.

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.