Are You Prepared for Closing Your Medical Practice and Retiring?

Are You Prepared for Closing Your Medical Practice and Retiring?

Are you planning to close your medical practice and retire? If so, there are many things to consider, including financial obligations, mental stimulation, and physical health. Here are a few ways to assess whether or not you are prepared for retirement:

Financial Obligations

When you are considering retirement the first criteria to assess whether you are ready or not is financial standing. Do you have enough to retire comfortably? In order to assess this, you should work with a financial planner. However, a basic rule of thumb is to determine your anticipated budget—including mortgage/rent, health insurance, car payments, groceries, gas, entertainment, travel, etc.—and then try to stick to that budget for 6 months. If you’re able to easily meet the budget, then that number can be used to forecast out to determine if you have enough money saved up to last. If you’re seriously considering retiring, it’s a good time to catch up with your financial planner.

Mental Stimulation

Something else to keep in mind is that once you retire you go from a structured work life to essentially no obligations—aside from house cleaning, grocery shopping, etc. It’s important to have some hobbies lined up or even a part time job. Many people in retirement report that they are happiest when they’re interacting with people and having a hobby, travel, volunteer work or a consulting gig lined up is a great way to ensure you don’t spend retirement on the couch binge watching Netflix shows. Keep your brain engaged and stimulated and you’ll have a happier retirement!

Physical Health

Something else to keep in mind is your physical health. Not only does this impact your healthcare costs in retirement, but it also impacts your quality of life. Should you stop drinking? Is smoking a vice that you should give up to prolong your life? Do you need to start working out? You have all the time in the world when you’re retired so be sure to take care of your physical wellbeing as well.

Closing Your Medical Practice

When it comes time to retire, you probably have a lot on your mind. Not only do you need to worry about the physical, mental, and financial aspects of retirement, you also have to deal with the worry of closing your medical practice. That means informing patients, staff, landlords, insurance providers, attorneys, medical board associations and more. Plus, you’ll need to

My Retired Doctor Can Help You Close Your Medical Practice

At My Retired Doctor, we know the stress you’re under as retirement nears. You want to enjoy retirement, spend time at your hobbies and more time around your family, but the to-do list sounds endless. You’ve adequately prepared financially and mentally to retire, but there’s the lingering issue of closing your medical practice. At My Retired Doctor, we’re happy to help! We provide document management services for retiring physicians. We offer scanning, shredding, and storage solutions for retiring physicians needing assistance with document management. In addition, we can also serve as your Release of Information Provider to ensure that your patients have access to their records after you’ve retired.

To learn more about our suite of document management services for retiring physicians, visit us online at My Retired Doctor or call 877-328-2343.