Do you max out your 401k every year? Have you built a sizable balance within your employer-sponsored retirement plan? Does your income level preclude you from contributing to a Roth IRA? Is the closest you have to an advisor a different 401k representative who stops in once a year to give you 20 minutes of their expertise? Has every advisor you have talked to wanted to sell you a product that pays them a commission? Let’s not even talk about how this is only a portion of your entire financial picture as it does not include college savings, tax management, estate planning and more.
Many of my clients range in age from mid-30s to mid-50s and fall directly under the description above. We work together because of my unique fee-model where I am paid a flat fee and do not have to control assets in order to be paid nor do I sell commission-based products. Together we step back and look at the entire financial planning picture to develop a personalized strategy.
The biggest fear is retirement is simple – running out of money before you run out of life. In my opinion, the most important and often overlooked factor in determining whether you will have a successful retirement is having a firm grasp on your spending in retirement. Other important decisions that need to be made are when to start Social Security, what types of accounts to draw from and when, making sure Required Minimum Distributions are being followed and more.
I work with my clients who are retired to develop retirement strategies with the goal of making their money last longer. All strategies are personalized and there is no one true solution to a successful retirement. While they may enjoy the endless invitations to "free" dinners to learn how all about "personal pensions," they realize there may be financial planners out there who are not motivated by commission-based products.
New physicians finishing up residency or fellowship are usually barraged by a slew of sales pitches about whole life and disability insurance policies. These may be necessary, however, what about important decisions on student loan repayment options, 401k enrollment, proper estate planning, tax management and more?
Established physicians may be trying to stay on top of their ever growing 401k plans, which they max out annually, and doing their best to minimize their taxes year after year. Plus, they are similar to other mid-career professionals in making sense of Roth IRAs options, college savings, estate planning, risk management and more.
Unlike insurance salespeople masquerading as financial planners, I am not paid by selling commission-based products. As a fee-only CFP®, I focus on helping physicians make sense of their whole financial lives by charging based on my value and experience. Whether you are now paying more in taxes your first year as a physician than you made in all your years as a resident or are getting ready to hang up your white coat it is time to get an opinion focused on you.