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Where To Start With Your Retirement Checklist

The day will come when you’re ready to leave your healthcare profession and enjoy retirement. However, your comfort may be short-lived if you haven’t practiced mindful financial planning throughout your career. Structuring a solid retirement plan and accruing retirement savings is essential if you want to enter your twilight years without stress.

It’s best to plan your retirement date as soon as possible. Setting up a retirement account as soon as you start at a practice can deliver incredible peace of mind and relief when you exit the field. Keep reading to learn how you can make your transition from employed individual to happily retired simple and enjoyable.

Why Should You Build a Small Business Retirement Plan?

Exiting your healthcare role may be more complicated than anticipated without careful financial planning leading to your retirement date. You may not have enough money saved and find yourself working when you should be enjoying well-earned time with your family and friends.

Medical professionals spend a lot of time training and often accrue substantial student loan debt. These financial obligations duel for your attention, and it feels impossible to find the time, means, and motivation to plan for retirement. Regardless, it’s essential to do what you can to prepare for your future. A physician who doesn’t enter practice until their 30s has missed out on ten years they could have contributed to their 401(k) plan or Traditional Individual Retirement Account (IRA).

Creating a simple retirement checklist can help you organize your efforts and gain perspective on your short- and long-term goals. If you aren’t sure where to begin with a retirement planning checklist, use our retirement checklist to start in the right direction:

Our Retirement Checklist

Successful retirement plans save money, maximize employer contributions, and endure tax season. Here are a few things to consider when building your retirement account:

Address Outstanding Debt

Medical school is expensive, so it’s common for healthcare professionals to transition from education to practice with a large amount of student loan debt. Establishing a well-structured debt management strategy early in your career can make it easier to make room for proactive retirement planning. Outstanding debt can restrict your cash flow and negatively impact the amount you can contribute to your retirement account.

Any surviving fixed payments will command a larger share of your expenses as soon as you retire. To combat debt, you should push as much money toward paying off high-interest debt as possible without harming your ability to make minimum payments on other accounts. Tackle all credit card debt and personal loans first, and save low-interest obligations like mortgages for last.

The key to paying off debt is dedication. Track your progress and hold yourself accountable. Stick to your strategy and modify what isn’t working. With debt squared away, you’ll have more flexibility to contribute to your retirement account and use the funds how you want.

Account for Your Assets

Evaluate your financial situation. Understanding current financial well-being makes navigating the landscape and building a retirement plan with your long-term success in mind easier. Write down your liabilities, savings balance, and income. Track your cash flow and record your contributions to disability insurance, life insurance, or long-term care insurance policies.

Consider writing everything on a worksheet or document you can adjust as needed. Maintaining oversight of your financial situation empowers you to stay flexible and proactive in your retirement planning approach.

Define Your Retirement Needs

How do you want to retire? Think about where you want to be during retirement and how you plan to spend it. If you wish to master a new craft or discipline, move to a new place, or even take up a new job, you need to plan accordingly. Determine your expenses and evaluate your cash flow. Consider your revenue streams and how income taxes may impact your wealth. Create a retirement budget and measure it against your current spending.

Retirement planning doesn’t have to be a massive project. Physician’s Resource Services is ready to step in and support your money-saving efforts with industry-leading tools and deep financial knowledge.

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Research Your Retirement Account Options

No matter where you are in your career, there are always ways to save money as a healthcare professional. Whether you open a Simple IRA or focus on a 401(k) plan, as an employed individual, you have the freedom to save however suits you best. Here are a few key options:

401(k) Plans

Physicians who receive a W-2 listing wages or salary may have a workplace retirement plan to defer income and contribute to a retirement account. 401(k) programs allow medical practitioners to defer up to $18,500 ($24,500 if age 50 and older) a year. If you withdraw before age 59 and a half, your retirement savings are subject to income taxes and a 10% penalty.

Simplified Employee Pension (SEP) IRA

SEP IRA is a Traditional IRA for self-employed physicians. The retirement plan has a contribution limit of up to 25% of your profit. You can keep a Traditional IRA or Roth IRA in addition to a SEP IRA and roll funds over to other tax-qualified plans.

Traditional IRA

Physicians can defer up to $5,500 per year ($6,500 per year if age 50 or older) to their retirement savings under a Traditional IRA. If a workplace retirement plan doesn’t cover you, you can make non-deductible contributions depending on your income and filing status. Early withdrawals incur a penalty.

Solidify Your Pre-Retirement Checklist With Physician’s Resource Services

Medical practitioners have a lot to deal with on a day-to-day basis. Finding the motivation for retirement planning and other financial matters is a challenge between daily expenses, debt repayment, and other obligations. Physician’s Resource Services relieves the stress of saving money for retirement. As financial advisors, we guide your efforts and highlight resources to reinforce your retirement strategy.

We’re here for you with high-quality financial solutions, whether you want to get an early start on retirement savings or make up for any lost time. Ready to get to work? Reach out today.

This material is provided as a courtesy and for educational purposes only. Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation.

Advisory Services Network, LLC does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature. Federal and state laws are complex and constantly changing. You should always consult your own legal or tax professional for information concerning your individual situation.

Life Insurance Several factors will affect the cost and availability of life insurance, including age, health, and the type and amount of insurance purchased. Life insurance policies have expenses, including mortality and other charges. If a policy is surrendered prematurely, the policyholder also may pay surrender charges and have income tax implications. You should consider determining whether you are insurable before implementing a strategy involving life insurance. Any guarantees associated with a policy are dependent on the ability of the issuing insurance company to continue making claim payments.

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Chris Fullbright – FINANCIAL ADVISOR

Chris brings experience in financial services and the perspective of a successful entrepreneur who has launched several businesses. With over a decade in the industry, he has served as both an advisor and in a management role coaching new advisors. Chris attended the University of Georgia and Texas State University and graduated with a Bachelor of Applied Arts and Sciences.

He currently holds many financial services licenses and designations including FINRA Group One, Series 6, Series 63, Series 65, Series 7, ARPC, and Certification in Long Term Care (CLTC). In his free time he enjoys being involved in the local community through organizations such as Comfort Crew for Military Kids. Chris is also an active member of Austin Christian Fellowship Church, and enjoys spending time there as well as reading, fishing, and going to sporting events. He is happily married to Monique with two wonderful sons. In addition to serving physicians, Chris specializes in working with special needs families.

Kevin Burris – PARAPLANNER

Kevin received his BA and MBA from Indiana University, earned the Certified Financial Planner (CFP) designation from the University of Georgia, and Retirement Income Certified Professional (RICP) designation from the American College. Kevin is looking forward to helping physicians live their best life. Kevin enjoys spending time on the lake with his wife, playing golf, and watching Indiana University sports.

Michael Kohles – AGENT

Michael attended Lake Michigan College and Siena Heights University, graduating magna cum lade with a Bachelor of Business Administration, with a major in Finance and minor in Marketing. Michael has been in the financial services industry since 2015 and has experience with multiple insurance verticals. Michael is excited to help physicians achieve their financial goals by providing insurance solutions. Michael is married to Erin and has 4 children. Michael also enjoys reading, golfing, playing poker, learning, and traveling.

Erin Kohles – UNDERWRITING PROCESSOR

Erin supports our advisors and clients during the insurance underwriting process in multiple ways. On a given day, she helps by processing applications, tracking and following up on open cases, and answering client questions. She appreciates the part she plays in helping clients prepare for the future, and she strives to make the process as simple and efficient as possible.

Erin has been in the insurance industry for two years and brings with her six and eight years of experience in accounting and quality control, respectively. She graduated from Ball State University and has her life & health and property & casualty insurance licenses. In her free time, she enjoys cheering on her two boys who play basketball, soccer, and baseball; traveling with her husband; and playing with their Yorkie, Mingo.

Gabriela Chavez – ANALYST

Gabriela supports PRS’s advisors and client services team in a variety of ways, including updating our planning software, communicating with clients, and helping develop financial plans. Gabby sees it as a privilege to assist the hard-working, talented clients PRS serves, and one of her favorite things about her role is the opportunity to continually learn and grow alongside our team.

Gabby is currently double-majoring in accounting and finance at the University of the Incarnate World in San Antonio, and she plans to sit for her Certified Financial Planning exam in the fall of 2022. Before transferring to UIW, she attended the University of Texas Rio Grande Valley in Edinburg, Texas. Gabby was born in Germany and is Mexican American. She loves to travel and has visited 11 different countries. She has a five-year-old pug named Penny.

Erin Anderson – CERTIFIED PUBLIC ACCOUNTANT

As a certified public accountant, Erin is a valuable part of our tax division at PRS. She enjoys working with our advisors to develop tax-efficient strategies, and she strives to provide clarity for every client she serves. Erin started her career as an accountant after graduating from Oklahoma State University in 2012 with a master’s degree. She earned her CPA license in 2018. Erin and her husband have two little boys, and they love spending time outdoors as a family and watching OSU football.

Alex Simmons – BUSINESS DEVELOPMENT

Alex oversees Business Development at Physician’s Resource Services. She works with each department to assist in continually improving PRS so we remain a leading competitor in the industry. Alex graduated from Texas Tech University with a Bachelor of Business Administration in Energy Commerce. She is a Texas native who loves to spend her free time traveling and taking her pup, Teddi, to the dog park.

Karli Allen – PARAPLANNER

Karli brings four years of financial services industry experience with her to Physician’s Resource Services. As our firms paraplanner, Karli assists in on boarding new financial planning clients, gathering financial data, and meeting preparation. She holds FINRA Series 6, Series 63, and Series 65 licenses along with her insurance license. Karli is a graduate of The Master’s University in Santa Clarita, CA, and has a business degree with emphases in accounting, finance, and management. She and her husband, Jamisen, recently moved from Southern California and live in Leander, TX. Outside of the office, Karli enjoys photography, traveling, and exploring new coffee shops in the Austin area.

Jennifer Khan- UNDERWRITING SPECIALIST

Jennifer is an Underwriting Specialist at Physician’s Resource Services, with an extensive background in customer service and administration. Jennifer grew up in Texas, graduated from Southeast Missouri State University with a BFA in Theatre, and spent six years in Chicago performing sketch and improv. She is a graduate of the Conservatory Program at The Second City and iO Chicago. Jennifer and her husband, Qamar, moved to Texas with their dachshund mix, Dobby, to be closer to family, sunshine, and good BBQ.

Cheryl Breeden – OFFICE MANAGER

Cheryl is the Business Manager for the firm and a licensed service assistant. She graduated from the University of Texas at Austin with a Bachelor’s Degree in Business Administration. She has years of experience in the areas of process management, customer service, benefits, and insurance. Cheryl has three girls — Ashley, Hannah, & Olivia. She brings this experience to our firm where she manages the underwriting and service process. She also manages the business operations for the firm.

John C. Jackson IV – ASSOCIATE FINANCIAL CONSULTANT

John is an agent from Austin, TX, a graduate of Westlake High School and The University of Texas at Austin, with a Bachelor’s Degree in Economics and a Minor in Business Administration. While at UT, John was a 2-Time Captain and 4-Time All-Conference performer for the men’s lacrosse team. While away from the office, John coaches with the Westlake Youth Lacrosse program and volunteers with Austin’s Young Men’s Business League, and Austin Sunshine Camps.

Paul Smith, CFP® ChFC® MSFS – FINANCIAL ADVISOR

Paul has helped his clients in financial, business, and estate planning for over 10 years. Paul is a graduate of Texas State University, with a Bachelor’s Degree in Psychology. He has also completed the extensive studies necessary to earn the Certified Financial Planners (CFP®) and Chartered Financial Consultant (ChFC®) designations. Paul is actively involved in the community through his volunteer work and service on Community Action Board for the Helping Hand Home for Children. Paul is married to Heather and they have two children, Nyla and Hazel.

Richard Cunningham – MANAGING DIRECTOR

For 30 years, Richard has been helping clients reach their financial goals with sincerity and integrity. He works with GME program administrators, individual physicians and their families to help doctors achieve financial security. Richard is a graduate of the University of Texas at Austin, with a Bachelor’s Degree in Economics. He studied in Paris at the Sorbonne. Richard supports numerous charitable organizations, is actively involved in Austin Recovery, and he participates in the Leukemia Lymphoma Society as a survivor of CML. Richard is married to Adrienne with two children, Raven and Coates.