Deciding whether or not to retire and close up your practice is no easy task. Here are five signs that show that you’re actually ready to take that step:
You are emotionally ready to retire.
You have enough saved for retirement.
Your debts are paid off.
Your health insurance is reliable.
You are ready to part with your practice.
Retirement is something that you need to be ready to cope with. It’s realizing that your alarm clock is whenever you decide to wake up, and every day starts to feel like a Saturday. That means life becomes what you make it, and it is important to have hobbies or things in place that allow you to continue enjoying your life. Throughout retirement, it is important to start mentally and physically active.
Before you retire, you obviously want to ensure that you are financially secure. That fact seems like a no-brainer, but with retirement, comes living on a budget. Without continual income streams, you will need to learn to live on the budget that your retirement account affords you. As a test, see if you can live off your retirement budget for six months – before you actually retire. If you pass the test, you might be ready.
If you still owe money to creditors, you might want to hold off on retiring. Paying off a mortgage, debt from a luxury car purchase or even credit card debt can quickly add up. Make sure that you can handle any existing financial responsibilities.
Medicare does not come into effect until you turn 65. With the rising health insurance costs that are increasing faster than inflation, you need to be sure that you have a reliable source of health insurance. If you have a spouse that is still working, you might be able to jump on their plan, but if not, you need to think seriously about whether you can retire before Medicare kicks in. As your rise in age, the chances of needing medical care increases, and you don’t want unexpected medical costs to eat away at your savings.
When you have your own medical practice, retiring isn’t as simple. A regular job just means handing off your responsibilities to someone else and being taken out to lunch with your coworkers. However, there is a lot that goes into closing your own practice – both mentally and physically. You will need to say goodbye to your nurses, assistants and the patients that you have developed relationships with. Be sure that you are ready to part ways.
Need Help Closing Up Your Practice?
If the signs are written on the wall and you really are ready to retire, My Retired Doctor can help make that a reality. Simply give us a call at 877-328-2343 or email us at info@datafied.com and we will be happy to discuss all the ways that we can make closing your practice run smoother.