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Are You Ready to Retire and Close Your Medical Practice?

Are You Ready to Retire and Close Your Medical Practice?

Now that we’re well into 2020, have you begun thinking that this is the year you will finally close up your medical practice and retire? That’s certainly a great achievement and will get you a lot more downtime, but it is important to make sure that you are ready to retire.

Do you know what closing your medical practice entails? Have you adequately prepared for retirement? Are you sure you are actually ready to retire?

Before deciding whether or not you are ready to retire and close your medical practice, ask yourself these four questions below.

Are you financially stable and ready to retire?

The first thing to ask yourself is if you’re financially ready to retire. You should have a budget in place for retirement and know that you are able to live within it. Some people find it helpful to test living within their budget for 6 months. Once you know you can live within the budget, you will be able to tell if you have enough saved for a comfortable retirement.

Are you mentally ready to retire?

Truth be told, many people get bored in retirement. As a doctor, you go from seeing patients every day to potentially being alone for long periods of time. Make sure that you have some hobbies lined up or gatherings with friends so that you can stay engaged and in a good frame of mind.

Have you considered what to do about health care?

Healthcare is one of the most significant expenses that retirees face. Even if you are able to enroll in Medicare, you will still need to pay premiums, deductibles, and copays. Be sure that you have a plan in place for how to pay for healthcare and that it is incorporated in your retirement budget.

Have you thought about what to do with your medical practice?

Something else to consider is what you are going to do with your medical practice. Can you sell it to a younger physician or are you just going to close up shop and refer your patients to other practices? Also, what are you going to do with the contents and documents in your practice? Thankfully, My Retired Doctor is here to help!

Contact My Retired Doctor today for assistance retiring and closing your medical practice!

Retirement is no small decision, especially when you work in the medical field and have your own medical practice. Thankfully, My Retired Doctor is here to help with your document management needs. From shredding and storing medical records to converting paper medical records into a digital database, we do it all! We can also serve as your Release of Information Provider. If you are financially and mentally ready to retire, contact My Retired Doctor for assistance in closing up your medical practice.

To learn more about the variety of document management services that we offer retiring physicians, visit us on the web at My Retired Doctor!