Are you considering retiring and closing your medical practice? If so, there are some important financial aspects that need to be considered. My Retired Doctor can help with the task of closing your practice, but these tips will help get your financial assets in order for retirement:

Create a Post-Retirement Budget

The first thing you should do for retirement planning is establish your budget. What will you need to live off in retirement? Creating a post-retirement budget is essential for physicians looking to retire. You need to take into account all of your expenses, from housing and travel to insurance and food. Compile this list and determine a good monthly number. Multiply this by 12 to get your annual budget.

Test Drive Your Retirement Budget

The next step when you are nearing retirement is to test drive your budget. Can you stay within those specified means? Did you have any money left in case of emergency? These are all important to consider before retiring and cutting off your income stream completely.

Review All of Your Post-Retirement Income Sources

It’s also a good idea to look at all of your income sources. Do you have rental property income? When will you be taking social security? Will you be receiving a pension from your company? Consider how all of these income streams interplay with each other and how they correlate to your estimated annual budget.

Plan Your Withdrawal Strategy

4% is the number that you want to keep in mind when determining your withdrawal strategy. You should also consider tax implications and inflation on those withdrawals. A financial planner can help ensure you’ve got a sound strategy.

Consider Health Care Options

Healthcare is another important aspect of retirement planning. If you’re 65 you will be eligible for Medicare, but that still comes with premiums and other expenses. You also need to look into long term care health plans. It’s not a fun conversation to have, but you don’t want a long term care stay to eat up all your remaining assets.

My Retired Doctor Can Help You Close Your Medical Practice and Retire

You’ve already done the hard part and saved up enough to retire. Congrats! That’s an exciting accomplishment and something that you worked hard for. Now that you’re ready to close your medical practice and retire, the team at My Retired Doctor is here to make it easier for you. We can assist with your document management services when closing your practice. Our dedicated and professional team can assist with document shredding, storage and scanning. In addition, we also offer Release of Provider services after your practice has closed. You worked hard to retire, so let us help take care of the rest. Visit us online at My Retired Doctor to learn more about the services we offer retiring physicians. We look forward to working with you!