Planning financially for retirement is no easy feat for physicians. There are many things to keep in mind in addition to planning to actually close your medical practice. While you focus on the financial aspect of retirement, My Retired Doctor can help with your document management tasks.
Carefully Weigh Social Security Options
When you are planning financially for retirement, it’s important to consider how to take your social security benefits. If you claim early at 62, you benefits will by 76% lower on a monthly basis than if you were to wait to claim at the age of 70. Weigh your options, consider your spouses or any ex-spouses benefits that you also have rights to and come up with a solid plan with your financial advisor.
Consider Working After Retirement
Another option that more people are turning towards is semi-retirement. What if you retired and closed your practice, but filled in for physicians at another office or worked a day or two a week somewhere else? Chances are that you’re going to get bored so you’ll need a hobby or job to keep you busy. Working just a day or two can significantly boost your “post-retirement” income.
Plan for Health Care Costs
Something that many people fail to factor into the retirement planning is health care costs. Later in life, people frequently need more health care than they did in their younger years. Yes, Medicare covers much of these healthcare costs, but you are still responsible for deductibles and other medical expenses. Also, be sure that you do not miss out on the Medicare enrollment window of you could experience delays or financial penalties.
Be Ready for Long Term Care Expenses
It’s also important to remember that your Medicare will not cover long-term care expenses. These costs can very quickly add up, so you might want to consider long-term care insurance should the need ever arise.
Are you in a financial position to close your medical practice and retire?
If you are in a good spot and have carefully planned financially for retirement, making that decision is a bit easier. If you are ready to close your medical practice and retire, My Retired Doctor can help. We offer document management services to retiring physicians. At My Retired Doctor, we know the hassles that doctors often face when closing their medical practice. There are patients and employees to deal with as well as the contents of the office. We take some of that burden away by offering scanning, storage, and shredding services. In addition, My Retired Doctor can also serve as your Release of Information Provider to ensure that past patients still maintain access to their medical records after your practice closes. If you are interested in learning more about how My Retired Doctor can help you happily sail off into retirement, contact us today at 877-328-2343.