Financial and Retirement Planning for Physicians

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One of the ironies of being a doctor is that too often caring for others takes away from the time we need to care for ourselves. An important strategy to make the best of your limited free time is to seriously consider retirement planning. Regardless of your age, this is a crucial path to safeguarding your future and assuring a lower level of future stress.

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In this guest post, submitted by David Rosenstrock, the director and founder of Wharton Wealth Planning, learn about six critical areas of retirement planning to discuss and consider.

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Financial and Retirement Planning for Physicians

List all of your guaranteed sources of retirement income —pension, investment portfolio returns and income, retirement savings, investment accounts, such as a traditional IRA, 401(k), Roth IRA or Roth 401(k), Social Security, annuity income (if you have one), and any other sources of income.

Choosing the right investment strategy is involved in this component of your plan. There are many investment strategies available, from aggressive to conservative.

Forecasting your expenses is a critical financial building block for retirement. How much you want to spend in retirement is one of the biggest factors driving how much you need for a secure retirement.

Another area that retirees and potential retirees need to think about is their tax strategies. Most will have less income after they retire so it is critical to be smart about what you can keep and how much you will have to pay out in taxes.

To maximize Social Security benefits for you and your spouse, you need to know which of the separate claiming strategies for married couples is right for you. Maximizing Social Security benefits isn’t easy as there are hundreds of rules governing payments alone.

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Financial and Retirement Planning for Physicians

In this guest post, submitted by David Rosenstrock, the director and founder of Wharton Wealth Planning, learn about six critical areas of retirement planning to discuss and consider.

Financial and Retirement Planning for Physicians

List all of your guaranteed sources of retirement income —pension, investment portfolio returns and income, retirement savings, investment accounts, such as a traditional IRA, 401(k), Roth IRA or Roth 401(k), Social Security, annuity income (if you have one), and any other sources of income.

#1 Develop an Income Plan

Choosing the right investment strategy is involved in this component of your plan. There are many investment strategies available, from aggressive to conservative.

#2 Choose the Right Investment Strategy

Forecasting your expenses is a critical financial building block for retirement. How much you want to spend in retirement is one of the biggest factors driving how much you need for a secure retirement.

#3 Forecast Your Expenses

Another area that retirees and potential retirees need to think about is their tax strategies. Most will have less income after they retire so it is critical to be smart about what you can keep and how much you will have to pay out in taxes.

#4 Implement Tax Optimization Strategies

To maximize Social Security benefits for you and your spouse, you need to know which of the separate claiming strategies for married couples is right for you. Maximizing Social Security benefits isn’t easy as there are hundreds of rules governing payments alone.

#5 Maximize Social Security Income

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