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Assessing the Health of Your Retirement Plan

 

Planning for retirement does not have to be as overwhelming as it may seem. Physicians should meet with financial advisors as soon as possible to learn about some of the saving options that are available. Many physicians miss out on opportunities simply because they don’t have the time to pursue them. By reading the tips below and speaking to a professional, you can be well on your way to maximizing your retirement savings.  

Physicians Aren't Saving Enough

Contrary to what you might think, physicians are not robust when it comes to saving for the future or taking advantage of retirement savings opportunities. According to Fidelity, physicians earn an average of $300,000 per year, but their student loan debt totals around $176,000. With the burden of student loan debt, many physicians don’t think they can afford to maximize contributions to their 401k or profit-sharing plans available through their employer. Experts recommend that physicians meet with financial professionals regularly to ensure that they are taking advantage of all available options for long-term savings.

Saving Plan Options for Physicians  

A lot of saving plan options are available, like 401ks and investment retirement accounts (IRAs), but those aren’t the only options. For physicians who are self-employed or who report earnings on a 1099, consider making use of a simplified employee pension IRA (SEP IRA), which allows you to contribute tax-deductible income until withdrawn. Speak with a professional about the right option for you.

Choose the Right Practice Transition

Selling your practice is an inevitable part of retirement. In addition to notifying your staff and sending letters to patients to alert them of your departure, you can take other steps during a practice transition that will help you save money. How you structure your sale can have huge tax implications, so plan wisely. Consider, for example, that if you own the building in which you practice, you may want to create an arrangement with the person buying your practice in which you lease out the office building. The buyer will have the option to purchase the building at any point during the lease, but you will continue to make money off of the rent to help you save for retirement.

To help you get on the right track for saving for retirement, contact us today and start maximizing your retirement savings. 

 
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Nelda Fields | Debra Turner
Nelda Fields | Debra Turner
Healthcare Services Group | Partners
(843) 577-5843
healthcare@websterrogers.com
40 Calhoun Street, Suite 320
Charleston, SC 29401
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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