No two situations are alike, but as a physician, you face financial challenges unlike most. Your education, while providing the opportunity for substantial earnings, probably started your career off in six figure debt. You may not have a good grasp on the tax code and how to leverage it to save, not only on the taxes you pay, but what it allows you to save in your multiple retirement plans. The nature of your profession, especially as a resident, doesn’t provide you with a lot of spare time to take up things like “do-it-yourself” investing. Finally, because of your high income, physicians are a target of many financial salespeople. Many physicians don’t have a “Go-To” person that they can trust for planning and advice. All of this may result in many physicians feeling behind in their pursuit of the comfortable retirement that they are working tremendously hard to achieve.
But let’s hold off on retirement for now. What would happen if, as a physician, particularly a surgeon, you suffer a disabling injury or illness? This is a difficult subject, but the conversation is critical. There are a few possible outcomes; Recover and resume your career, recover without being able to resume your career and finally, and worst case; you pass away.
Are you adequately insured to continue the lifestyle you’ve built, and your family has become accustomed to? Have you taken the steps to ensure that your income continues uninterrupted if something happens to you? Don’t rely solely on your employer benefits to be enough. Talk to a trusted professional about how to protect your family in the event of a catastrophic illness, injury or death. This is an important step in planning a secure future.
Now, let’s go back to retirement. Would a surgeon walk into the operating room unprepared and without a plan? After diagnosing a sick patient, would you simply send them on their way and wish them well? Why then would you work all your life and not have a plan or a vision for your retirement? Simply accumulating assets isn’t enough. Don’t misunderstand, accumulation is an essential element to a sound retirement plan. What about distribution, asset protection, tax management and wealth transfer? Do you have a plan? Don’t commit personal malpractice by not planning your future. Be a great doctor or surgeon. Find a great advisor you can trust for the rest.
We're all very busy and we all need to spend our time wisely. Don’t let that prevent you from doing what you know is necessary and probably overdue. It all starts with a conversation. Call or schedule a convenient time to get the process started. We won’t solve everything during this conversation but hopefully, you’ll walk away with answers to the questions holding you back.
About Sal D’Angelo
I am the founder and President of LakePointe Advisors LLC, a Northeast Ohio based financial solutions firm. I am a trusted advisor to entrepreneurs, physicians, and other healthcare professionals. I provide the experience and advice to help people build and protect their wealth, reduce their taxes, and build a secure future for themselves and those they care about.
I am a lifelong resident of Northeast Ohio. My wife and I are proud parents to three grown children. When not working, I enjoy sports, especially football and golf, and spending time with family and friends.
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