Retirement planning can come at many stages of your career, but if you’re an incorporated physician retirement planning can be a little more complex. Physicians dedicate their lives to helping their patients, and our team at IFMS stands behind incorporated physicians to ensure when it’s time to retire they can do some comfortably.
Where do I start?
Incorporated physicians can begin thinking about retirement by asking themselves about their investment strategy and estate planning. That’s generally a good place to start! There are various ways to invest your cash whether it’s in a savings plan, the stock market, or a life insurance plan – prioritize thinking about how your money can work for you when you no longer have a steady cash flow from your practice.
The second place to let your mind wander is in estate planning. Think about who your beneficiaries are and how to use estate planning and transferring without having to pay a large lump sum in taxes.
There are various tax implications to consider when planning where to invest or how to retire. The lower the amount of taxes you have to pay, the easier it is to save money for your retirement plan. A tax-free savings account is one way to minimize the amount of taxes you’ll have to pay. There are strategies you can take to reduce the amount of taxes your beneficiaries would pay as well.
Create a roadmap
Doctors spend their days treating and diagnosing patients so often questions like ‘where do you want to live when you retire?’ are not at the forefront. Questions like these are especially important for incorporated physicians because they also have to consider restructuring of their corporation or practice upon retirement.
The best way to plan for all these things is by creating a roadmap. Our experts sit down with incorporated physicians and discuss retirement goals. Whether you’re thinking about reducing taxes, passing down your estate, or growing your net worth – our teams work with incorporated physicians to manage the health of their wealth while they manage the health of their patients.