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    5 ways physicians can avoid retirement failure

    As a financial advisor, I help medical professionals with financial projections and investments to help achieve a well-planned retirement. Yet, I have observed that there are significant and often emotional aspects to retirement that many people (including some financial consultants) overlook.

     

    Related: Top 15 tips to improve payer/physician relationship

     

    While I’m not a psychologist, nor am I specifically trained to help people deal with emotional challenges, I do know that preparing psychologically for a huge retirement transition may be just as important as having saved enough, developing an income plan or re-adjusting your asset allocation.

    How exactly do you prepare psychologically? As noted retirement expert Keith Lawrence points out, people who practice certain aspects of retirement before they stop working seem to be happiest in retirement. Consider the following factors to be fully prepared for your next chapter:

    Factor #1: Scale back

    Abruptly stopping work can be a huge shock to your life. A better way involves gradually scaling back on work commitments. For example, one of my clients, Carol, a psychologist, winnowed down her client list over time and then created a specific plan to scale back even further. Having a plan gave her so much freedom and joy because she could feel confident as she tested both the new financial waters as well as the social and psychological waters.

    Lawrence, author of Your Retirement Quest: 10 Secrets for Creating and Living a Fulfilling Retirement, writes:



    Related: The perils of price lists for private practices

     

    “If you begin practicing your retirement while you’re still working, you will be able to determine if your choices are good ones. If it turns out that you really aren’t as passionate about something as you thought you’d be, you can modify your plan before you retire.” It may sound obvious, but it’s not always practiced.”

    Next: Nurturing relationships and recognizing depression

    Karen Coyne, CFP
    Karen Coyne, CFP(R), is a strategic wealth advisor with Raymond James in Hagerstown, Maryland. With over 15 years of experience, she ...

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    • cgmdrx@------.com
      As I view the retirement consequences forced on physicians today and in the future, nothing is more impactful than the lack of a business education and the ultimate devastating results it has on every single physician practicing medicine today (even the employed physicians). After 40 years in the medical practice trenches, I see only two ways for any physician to be in control of not only their careers, their potential, and their incomes, but also their retirement lifestyle and family obligations. 1. Start and run a business outside the practice of medicine (requires a business education) 2. Get a business education (not an MBA) before starting medical practice. Wouldn't it be a remarkable accomplishment if the Raymond-James financial planners decided to sponsor a business education for all medical students in the USA and donate the money to set it up in medical schools---as a looping academic business education provided with a digital format to be easily available to medical students at any time they wished to learn. That way would allow their financial advisors to establish a funnel into marketing channels for their businesses and direct access to all new physicians. Medical schools refuse to do such a thing because they are so busy jamming excessive amounts of medical knowledge into the minds of medical students--most of which they will never use in their careers--and are so anchored to tradition that the hierarchy in medicine really have no vision for improving the lives and careers of physicians. It's sad. If one would accumulate all of the ideas, advice, and strategies in all the articles written today about what all physicians today should be doing to overcome financial restrictions and decreasing incomes, you would undoubtedly find 99% of the advice futile. If you don't believe that, then you should take the advice that John Maxwell, best selling author, advises to "Think Deeper." Most all advice is to work harder, be more disciplined, reduce expenses, plan better, be more efficient, fight with the insurance payers, move into a cheaper home, join a medical group, seek employment, etc. It makes me wonder if those advisors really know how much time and effort is required to accomplish even one of those pieces of advise. Additionally, the mention of improving their business knowledge is absent. WHY? It can be done easily, minimal expense, and minimal, if any, interference in their medical practices. Just give me a physician with an academic business education (not an MBA) and I will show you a physician that can earn any amount of money he wants or needs for any reasons. This physician knows how to earn money at any level. This physician will never worry about his or her retirement compensation, worry about their kids college education at the best universities, worry about funding a great retirement plan, worry about working harder, worry about money ever again. This is inevitable for this physician.
    • cgmdrx@------.com
      As I view the retirement consequences forced on physicians today and in the future, nothing is more impactful than the lack of a business education and the ultimate devastating results it has on every single physician practicing medicine today (even the employed physicians). After 40 years in the medical practice trenches, I see only two ways for any physician to be in control of not only their careers, their potential, and their incomes, but also their retirement lifestyle and family obligations. 1. Start and run a business outside the practice of medicine (requires a business education) 2. Get a business education (not an MBA) before starting medical practice. Wouldn't it be a remarkable accomplishment if the Raymond-James financial planners decided to sponsor a business education for all medical students in the USA and donate the money to set it up in medical schools---as a looping academic business education provided with a digital format to be easily available to medical students at any time they wished to learn. That way would allow their financial advisors to establish a funnel into marketing channels for their businesses and direct access to all new physicians. Medical schools refuse to do such a thing because they are so busy jamming excessive amounts of medical knowledge into the minds of medical students--most of which they will never use in their careers--and are so anchored to tradition that the hierarchy in medicine really have no vision for improving the lives and careers of physicians. It's sad. If one would accumulate all of the ideas, advice, and strategies in all the articles written today about what all physicians today should be doing to overcome financial restrictions and decreasing incomes, you would undoubtedly find 99% of the advice futile. If you don't believe that, then you should take the advice that John Maxwell, best selling author, advises to "Think Deeper." Most all advice is to work harder, be more disciplined, reduce expenses, plan better, be more efficient, fight with the insurance payers, move into a cheaper home, join a medical group, seek employment, etc. It makes me wonder if those advisors really know how much time and effort is required to accomplish even one of those pieces of advise. Additionally, the mention of improving their business knowledge is absent. WHY? It can be done easily, minimal expense, and minimal, if any, interference in their medical practices. Just give me a physician with an academic business education (not an MBA) and I will show you a physician that can earn any amount of money he wants or needs for any reasons. This physician knows how to earn money at any level. This physician will never worry about his or her retirement compensation, worry about their kids college education at the best universities, worry about funding a great retirement plan, worry about working harder, worry about money ever again. This is inevitable for this physician.

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