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Are You Sure You’re Ready to Retire and Close Your Medical Practice?

Are You Ready to Retire and Close Your Medical Practice?

Are you planning to retire and close your medical practice? If you’re not certain, here are some questions to ask yourself to ensure that you’re prepared.

  1. Have you taken into account all of the financial considerations?
  2. Retiring is a big decision and requires you to take a hard look at your finances. You should review your finances and meet with your financial advisor to ensure that your retirement funds and savings accounts align with your desire to retire. Also, if you’re considering retirement, you should speak with your financial advisor about shifting any investments to less volatile options in order to protect your funds.

  3. Have you tried living within your retirement budget for a few months?
  4. Something else to consider before retiring is whether or not you’re able to live within the retirement budget that you set. Your financial advisor uses a set budget to calculate whether or not you have enough in savings to retire. If you don’t live within that budget when you retire, you could see your funds run out prematurely. That’s why you should track expenses for a few months to ensure that you are able to live in the budget you set.

  5.  Do you have a hobby or other social gatherings organized?
  6. When people think about retirement, they get excited about the prospect of sleeping in and having nothing on their schedule. However, many individuals can experience social isolation in retirement. It’s a good idea to discuss meeting up for walks with friends or look into volunteering to give yourself something to look forward to in retirement to stay mentally engaged.

  7. Do you have your health insurance plans figured out?
  8. Health insurance can be a large expense in retirement, especially if you do not yet qualify for Medicare. It’s important to factor those expenses into your retirement budget and if you’re eligible, sign up for Medicare.

  9. Do you have a plan for closing your medical practice?
  10. One of the most important things when thinking about retiring and closing your medical practice is having a plan in place. You need to tell your employees, patients, vendors, and insurance providers. On top of that, you need to figure out what to do with the content of your medical practice. That includes everything from your office equipment and medical equipment to patient medical records. Thankfully, if you need help managing patient medical records, My Retired Doctor can help. With over 27 years of experience with document shredding, scanning, and storage, you can trust us to securely manage your patient medical records. Give us a call today at 877-328-2343 to discuss how we can assist you in closing your medical practice when you retire.

To learn more about the reliable medical record management services that we offer, visit us on the web at My Retired Doctor.