Making the decision to retire is not easy. Though it is a day that most people dream of from the day they enter the workforce, actually getting yourself to that point can prove tricky. There are obstacles to hurdle and tough decisions to navigate through. In order to retire, you have to not only have the financial means to do so, but you also have to be in the right mind-set. While you won’t be spending your days dragging yourself out of bed to get to the office on time, without the right mindset and schedule, you might find yourself remiss to leave bed at all.

When you are looking to close your medical practice and retire for good, it is important to be prepared in the following three ways…

1. Financially Prepared

First and foremost, you need to have the financial assets required to retire. Most doctors earn respectable salaries, meaning that you should have a sizeable bank account, but it is still important to do your due diligence. You need to look at all aspects of retirement, your income streams and what your expenses will be looking like.

It is important to take into account expenses like a mortgage or rent, health care expenses, transportation means, and even daily living expenses. Beyond that, you need to determine what type of lifestyle your retirement accounts will allow. Will you be able to take your annual multi-week trip to Europe every year, or continue living in a spacious multi-million dollar home? That’s something to consider before retiring.

2.  Physically Prepared

When you retire, chances are that you will be losing your health care benefits. Sure, there is Medicare, but some practices don’t take Medicare and you might find yourself struggling physically. If you are experiencing certain medical issues, or expecting a big surgery in the near future, it might be worth continuing to work for a bit until those procedures are behind you.

3. Mentally Prepared

Beyond being financially and physically prepared, you also need to be in the right mental state to enter into retirement. You will be going from a regimented schedule where your presence is required on a daily basis, to likely no schedule at all. It is important that you are able to handle the sudden lack of responsibility. If you always need to stay active, then you might want to consider shifting to part time or finding a hobby to take up.

My Retired Doctor Can Help if You Are Ready to Retire

There are several steps to take to determine that you are in fact ready to retire. Once you have gotten to that point physically, mentally and financially, and have decided to retire, you aren’t quite done yet. There are many steps that you need to take before you can actually close up your practice, but My Retired Doctor will be there to help you. We offer document management services, from shredding and storage, to acting as your Release of Information provider. If you are serious about retirement, give us a call at 877-328-2343 to learn more about what we can do to help!