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Financial Planing for Established-Career Physicians
Navigating the Unique Financial Planning Shifts, Considerations, and Opportunities for Established-Career Physicians
Your net worth has surpassed the 7-figure club (Congratulations —that’s huge!) —maybe you’re even approaching the 8-figure club. While you may not be retiring tomorrow, the idea of financial independence and/or retirement is likely more top of mind than ever. You might be wondering, “Am I on track?” or “Do I have enough?” You might even be wondering what retirement could really look like.
This is where we start to review and optimize what the final years of accumulation will look like, but more importantly what the decumulation phase will look like. During this career stage you’re not a spring chicken anymore, but your net worth is much higher so asset protection and estate planning start to jump up the chart.
Does this sound like you?
Have you been an attending physician for the past 15+ years?
If so, we can help. Here’s what we can do:
- Optimize. From investments to tax planning, we’ll help guide you towards the finish line
- Protect your assets. We’ll show you how to protect the assets you’ve worked hard to build over the past several decades.
- Safeguard estate planning. Whether it's a federal tax issue, a state tax issue, or just making sure your wishes are followed, we’ll make sure all your estate planning is properly organized and doesn’t fall by the wayside.
- Plan for the golden years. You’ve been working your ass off, now let’s look at that next chapter and what your hard work has accomplished for you and your family.
Pricing
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Plan Creation with Ongoing
Planning & Investment
Management
One-Time Plan
Creation Only
Plan Name
Inpatient Planning
Outpatient Planning
One-time Plan Creation Fee
$3,000
$7,000
*For Medical Residents & Fellows, we offer a reduced flat-fee of $500 for your monthly subscription while in training.
Frequently Asked Questions
At this stage, the focus often shifts from building wealth to making sure the wealth you've accumulated can support the life you want. That can mean reviewing retirement readiness, investment risk, taxes, healthcare costs, estate planning, asset protection, and how your portfolio may eventually provide your income.
There isn't one portfolio balance that means you're ready to retire. Your spending, expected retirement income, investment assets, taxes, healthcare costs, and desired timeline all matter. A retirement plan can help determine whether your current resources can support the lifestyle you want and identify what may need to change before you leave medicine.
As retirement gets closer, the purpose of your portfolio may begin to change. Instead of focusing primarily on accumulation, you may need to consider how much you'll withdraw, when you'll need the money, how much investment risk you can afford, and which assets should support different stages of retirement.
The years leading up to retirement can create opportunities to manage taxes before your income sources and Required Minimum Distributions change. Depending on your circumstances, planning may include Roth conversions, charitable giving, tax-efficient portfolio management, retirement account withdrawals, and coordinating different sources of income.
Asset protection becomes increasingly important as your income and net worth grow. Physicians may need to review liability coverage, umbrella insurance, estate structures, business interests, and other risks that could affect the assets they've spent decades building.
Estate planning should address more than who receives your assets. Physicians may need to review wills, trusts, beneficiary designations, powers of attorney, healthcare documents, charitable goals, and potential estate tax considerations. The right structure depends on your family, assets, state of residence, and future wishes.
Healthcare can be a significant retirement expense, particularly when retirement begins before Medicare eligibility. A retirement plan should account for health insurance, Medicare premiums, out-of-pocket costs, long-term care considerations, and how those expenses may affect your retirement income needs.
You don't need to have a retirement date set before starting. For physicians who have been attendings for 15 or more years, reviewing the numbers well before retirement can provide time to adjust savings, investment risk, spending, taxes, insurance, and estate plans. The goal is to understand what your accumulated wealth can support before retirement becomes an immediate decision.