Many adults struggle to plan and save for retirement, and while you might think that the higher income that doctors receive would lead to fewer issues with retiring, that isn’t always the case. Studies show that doctors often think that they will be able to retire at age 60, but they end up retiring close to 69. How can nurses and doctors prepare for retirement planning and start the process now?
How to Start Retirement Planning as a Doctor or Nurse
- Budget Properly: One of the popular rules of thumb is that you should put aside enough to have about 70% of your current income for every year of retirement. However, that might not be true for you. Your taxes will probably decrease, you won’t need to pay for college for your children, you don’t need to stash away money for retirement and (hopefully) your mortgage will be paid off. Instead of assuming that you will need 70% of your income, think critically about what expenses you will actually have.
- Properly Allocating Your Investments: Working with a fiduciary, like Retirement Consultants, ensures that your investments will be allocated in the best fashion possible. We can work with you at any stage of your career to choose the right investment portfolio and grow your wealth over time. Whether you already have a large portfolio or are just starting out, we are happy to work with you.
- Think About Your Retirement Age: If you love your job and are in good health without another reason to retire, you also should think critically about your retirement age. If you work even one more year and save well, you could end up with another $6,000-12,000 annually towards your retirement depending on your income!
- Max Out Your Accounts: If you start the planning process early, you can max out your annual contributions and benefit from decades of compounding interest. We can help you to take advantage of any employer matching programs and maximizing early saving time to get tremendous benefits down the road.
Invest Wisely and Retire Well
Retirement Consultants is dedicated to providing every client with comprehensive wealth management services for a simple, fully transparent fee. From financial planning to investment management, it’s our mission to help you achieve every one of your goals in life. To learn more about our services and get started today, call us at (520) 615-6005 or visit us online by clicking here.