Many individuals believe that physicians are very affluent with a financially secure retirement, this is often not the case. Most physicians and medical professionals are so busy with their own work they don’t have enough time to take proper care of their personal finances.
Physicians have a distinct disadvantage in meeting mid-life financial demands. Physicians enter the workforce about a decade later than their non-medical contemporaries, start their careers with enormous medical school debt and tend to marry and have children later in life, often postponing educational funding and retirement savings. Those who open their own office have significant initial outlays for equipment and furnishings, and we are all aware of the high medical malpractice insurance costs that must be paid. These issues can create many challenges for today’s medical professionals.
Challenges For Medical Professionals
- Most physicians to put in long hours and due to lack of time neglect their own financial and retirement planning
- Create a personal net worth statement showing all assets and liabilities
- Be sure that you are making the most productive use of your assets
- Ensure that you have enough insurance both in your business and your personal life to protect your family if you have young children or your estate if you have a large taxable estate
- Understand the tax implications of everything you do
We understand the unique medical demographic and the special attentions necessary when providing for Physicians and Medical Professionals. We can help you manage your personal wealth so you can concentrate on serving patients and relaxing with your family.
Call 508-388-7175 so we can help you design a low risk, low volatility, successful investment portfolio for your peace of mind or click here to schedule a no obligation initial consultation with Jeffrey Cutter, CPA, PFS.