Physicians & Health Care Professionals
Physicians, Dentists, and Other Health Care Professionals
Physicians and other health care professionals must plan financially successful professional practices, as well as construct financial security, in a manner that can be markedly different from that of other business persons and professionals. Physicians are usually motivated by the need to serve humankind and by scientific and intellectual curiosity. Economics and financial matters are sometimes secondary to the pursuits of clinical excellence and service. The physician must be more informed about the growing range of analysis and investment options in order to choose the “right” course that balances risk, time horizon, outcome, and his or her own personal style.
A Few Thoughts on Retirement Planning
Retirement planning is mostly about controlling spending and making good investment decisions. The peak earning years for health care providers may be shorter than for other professionals. Consider that physicians typically enter their careers at later ages and often with large student loan debt. Some specialists may not reach their peak performance until 10 years of practice. Many specialists have limited longevity in their profession. Financial survival skills are paramount for converting the limited earnings time period to personal financial security.
Many physicians tend to make one of two mistakes: putting off planning for retirement and investing too aggressively in an attempt to make the most of their money. The earliest years of retirement plan funding are the most important because the funds have the longest time to grow.
- 10+ years of working with medical professionals.
- Specialization: This point cannot be overemphasized. We understand your issues and the challenges you face. We take the time to understand your goals for the future. We plan to be with you along the way.
- Help clients during accumulation and distribution phases
Some of the Issues/Problems Physicians Face
- Lack of time to research important financial decisions: You can spend an infinite amount of time investigating financial strategies. Many physicians find that devoting their energies and thoughts to their profession to be more worthwhile.
- Inflation: The #1 fear during retirement is the fear of outliving retirement income. Physicians should take concrete steps toward a viable retirement from the moment they start their practice. This is because physicians face a retirement double-whammy. They start making money later in life, yet they tend to retire earlier. Lifetime Income Planning.
- Must interact continuously with numerous financial institutions: Financial guidance should ideally be given in the context of the clients “big” picture.
- The media may often contain misleading or inappropriate financial advice.
- To have enough money for financial needs and wants.
- To reduce or minimize income taxes: Many of our clients who are physicians are in the top tax bracket and have asset-protection issues.
- To minimize financial risk and uncertainty.
- To properly conserve and distribute wealth.
Benefits of Working with Thompson Financial Group, LLC
- We strive to obtain a positive experience for our clients. Financial planning works effectively over the long haul. We are in the business of long-term relationships with our clients.
- Confidence: Having a plan in place provides the knowledge that you are in control. In addition, we provide the knowledge that we will work with you through the years and steps of your retirement. In the early stages of retirement, some people get carried away with their spending. Having a plan helps keep outlays in perspective.