Retirement is something that many people look forward too, but there can be a bit of uncertainty surrounding the big life event. Are you really ready for it? Take into account these tips to ensure that you’re prepared for retirement!
Steer Towards Safer Investments
The last thing you want to have happen is to lose a significant portion of your retirement savings right before you’re set to retire. One way to combat this, is to move funds from riskier and more volatile investments like stocks, and shift them into safer options. They might not have as high of a return, but your investments will be much safer.
Set a Budget and Test Drive It
It is also important to set a budget that is realistic. Some people set budgets that are too low or astronomically high, which can have a significant impact on your life after retirement. Work with your financial advisor to set a budget and then test drive it for six months. Were you able to stay under the amount and still live comfortably? If so, that’s a great sign!
Figure Out Healthcare Options
Healthcare is something else to consider when you are looking into retirement. There’s Medicare—which you can sign up for 3 months prior to turning 65—and other options if you’re not 65 yet. Take a look at what Medicare does and doesn’t cover, and then determine if you need health insurance to cover you for a period of time.
Develop Plan to Close Medical Practice
Aside from figuring out if you’re financially and mentally prepared for retirement, if you own your own medical practice you also have to consider what happens when you retire. You have a whole other checklist that needs to be completed, including informing patients and employees, contacting your insurance providers, and figuring out what to do with the contents of your office. That also includes determining what to do with the filing cabinets and closets stuffed with sensitive medical records.
Are you ready to retire? Do you need help closing your medical practice?
Before you start panicking about the multiple to-do lists facing you, take a breath and relax. My Retired Doctor is here to help! We offer assistance managing medical documents to physicians looking to close their practice and retire. Whether you need sensitive records shredded securely according to HIPAA regulations, or would like a storage facility to house the patient files, we can help. We also offer scanning services and can serve as a Release of Information provider to ensure your patients maintain access to their files even after you’ve closed. You already have enough on your plate in regards to retirement, so let us help with the rest. Call us today at 877-328-2343 to learn more or get started.