Planning to Retire in 2019? Make Sure Your Finances Are in Order!
Is 2019 the year that you’re going to retire? If so, there are several things to keep in mind, especially regarding your finances. You know the work that awaits with closing your medical practice, but are you prepared financially for retirement in 2019? Keep reading to make sure your finances are in order!
Know Your Expenses
One of the most important things when it comes to retirement is understanding your finances. You need a clear picture of your monthly expenses, including rent or mortgage, food, travel, entertainment, debt, and other expenses. Track these expenses over a few months to give yourself a better idea of the income you’ll need in retirement to live comfortably.
Consider Health Care Costs
Something else to keep in mind is your health care costs. If you retire after 65 you are eligible for Medicare, but that doesn’t cover everything. Dental, vision and long-term care are not covered by Medicare. In addition, you are still required to pay for Medicare coverage, so it’s important to factor those costs into your budget.
Determine a Social Security Strategy
Social Security is something that takes careful consideration because there are various requirements and regulations that govern the fund. It’s always a good idea to work with a financial planner to determine your strategy as they know the ins and outs and have software programs that can easily calculate your best option.
Mitigate Risk in Your Portfolio
As you near retirement you will also want to scale back on the risk in your portfolio. The last thing you want is a sudden market crash to wipe out your retirement savings. Shifting investments away from risky markets is typically a good idea when you’re closing in on retirement, but you should speak with your financial planner to determine the best strategy for you.
Let My Retired Doctor Help You Close Your Medical Practice and Retire in 2019
If you are planning to close your medical practice and retire in 2019, you need to worry about more than just your finances. You also need to worry about actually closing your medical practice! Unfortunately, thinking about that almost induces as much stress as determining your 401k withdrawal strategy and calculating health care costs for retirement. There are so many tasks to consider, including informing your patients, employees, vendors, medical associations, attorneys, insurance providers and more of your decision. Then comes the matter of determining what you will do with the contents of your office as well as the physical building itself if you own it outright. In addition to that, you need to consider the medical records and patient information housed in your filing cabinets.
Thankfully, My Retired Doctor provides document management services to retiring physicians such as yourself. As your financial advisor would tell you, it’s never too early to start planning for retirement and the same can be said for closing your medical practice. Contact My Retired Doctor today at 877-328-2343 to learn more about the services we offer!