Your ticket to financial independence
When you’re in the throes of seeing patients or managing a growing practice, retirement is likely the last thing on your mind. But here’s the trouble with this: One day, retirement will be right around the corner. Will you be ready?
All too often I meet physicians who are unable to retire. Most of them have one thing in common: They put off planning for retirement until it was too late.
Proper retirement planning is your ticket to financial independence. When you start planning for retirement at the right time and follow the right strategy, you’ll be in a good position to retire on your own terms. You’ll also feel more confident about your financial future.
As a Houston-based CPA and Certified Healthcare Business Consultant, I’ve worked with physicians for more than 30 years. I’ve witnessed the good, the bad, and the ugly of retirement planning. I’ve seen physicians who have felt trapped in their work and others who have thrived in the financial freedom of retirement. This is why I feel so strongly about the importance of retirement planning, and why I’m committed to helping you do it right.
How does the retirement planning process work?
Consider me your retirement planning quarterback. I’ll connect you to professionals, such as a financial advisor and attorney, who are critical to your retirement planning strategy. While you worry about your practice, I’ll make sure your retirement planning stays on track. As your CPA, I’ll make sure you understand the financial and tax ramifications of any retirement planning decision you make.
What types of retirement planning strategies should you consider?
When it comes to a retirement planning strategy, you have countless options. The strategy you follow will depend on several factors, including your employment status. Are you self-employed, or are you employed by a practice, hospital, or another similar type of healthcare entity? If you’re self-employed, are you a sole proprietor, or do you own a clinic with employees?
Building your net worth is a cornerstone of any retirement planning strategy. It’s important to make sure you have the right investments and insurance in place, and to engage in estate planning, too. You’ll want to minimize your liabilities and maximize your assets, so your net worth grows each year.
If you are employed, be sure to take advantage of the retirement plan programs that might be available to you, such as 401(k), profit-sharing, cash balance, and defined benefit plans, as soon as possible.
When should you start planning for retirement?
The short answer: as soon as possible. You don’t need to wait until you have a large chunk of cash to spare. Contributing even a small amount to your retirement plan can be beneficial. Some monies are better than no monies.
How much cash will I need for each year in retirement?
The answer to this question hinges on the goals you have for retirement. Thinking about these as soon as possible will increase your chance of being able to meet them.
Get started today.
Don’t let yourself fall into a situation of having to work late in life. Proper retirement planning helps to ensure you can retire when you want—without the burden of worrying about your financial future. And it’s never too early to begin.