SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online newsletter so I can thank them personally.
Tom Meaglia, ChFC®, AEP®,
CLU®, CRPC®, MSFS
Chartered Financial Consultant
Investment Advisor Representative
Chartered Retirement Planning Counselor
CA Insurance Lic. #0567507
Meaglia Financial Consulting
2105 Foothill Blvd., #B140, La Verne, CA 91750
Toll Free: 800-386-3700
Bus: 909-593-6105
Cell: 818-681-8600
Fax: 909-593-6120
Email: tom@meagliafinancialconsulting.com
Website: www.meagliafinancialconsulting.com
May/June 2024
Retirement Planning Tips for Physicians
A 2023 Medscape survey reported that 59% of physicians had a net worth of less than $1 million, an amount unlikely to be sufficient for them to live as they’d like in retirement. One reason given for this retirement security gap is that, like many high-earning professionals, physicians fall into the trap of becoming too comfortable with their current financial situation. They overlook changes that generally come with retirement and the critical need to save to meet the costs of those changes.
For a comfortable retirement, as a physician, you must be aware of your current income, health needs (now and in the future), family commitments, and other lifestyle requirements (again, now and in the future). The following are some not-always-considered tips to get retirement planning rolling or reenergize your current efforts.
Be clear and realistic about your retirement horizon. You may think you’ll always practice medicine, but there’ll probably come a time when you’ll change that view to cutting back on your practice and eventually retiring completely. The sooner you start saving for retirement, the more wealth you may be able to accumulate for that time.
Build an emergency fund. As with any profession, medicine has its share of risks. You could lose your job, your practice could suffer financial losses, or you could be sued by a patient. That’s not to mention any other family emergencies that can crop up and cut into assets.
Prioritize Student Loan Payoff. Quicker loan payoff saves you interest and frees up money to put toward your retirement savings. Since you’re used to not having that money, switching payments to retirement savings shouldn’t disrupt your current lifestyle.
PHYSICIANS BELIEVE THAT THEY NEED AN AVERAGE OF $3.9 MILLION SAVED TO AFFORD RETIREMENT, ACCORDIING TO MEDSCAPE'S 2023 "PHYSICIANS EYE RETIREMENT REPORT."
Postpone Social Security benefits. Each year until age 70 that you postpone claiming Social Security benefits increases those benefits by 8%, giving you more income for later retirement. While your expenses may drop in early retirement, they generally rise later.
Use a financial professional. Just as you have your specialty, financial planners have theirs—among which are assisting people in investing to achieve a comfortable retirement and meet other financial goals.
CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
Meaglia Financial Consulting and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.