According to a study by Fidelity Investments, the bad news is that many physicians are saving little to nothing.
Each day you get closer to retirement, the doubt in your mind gets louder which can help lead to physician burnout.
The good news is, at WealthCare we have financial planners that provide a wide array of retirement strategies specific to each individual that can help lead you to early retirement. As a primary care physician working at a small medical practice or a self-employed anesthesiologist you might not have access to a traditional retirement plan.
We answer questions such as:
These questions are determined based on your specific situation to help hang up that white coat of yours.
physicians retire between the ages of 60 and 65 with only 12% retiring before 60. Some of the strategies we offer include:
They are designed to ensure regular access to finances that can ensure stability.
These are systematic payments that are put in place to ensure that you can access certain products after retiring without extra costs.
If you are about to retire, there are certain things to put into consideration to ensure you retire comfortably. These recommended strategies include:
To maximize physician retirement income, you need to know the importance of the accumulation and distribution of your assets.
Whether you are a pediatric, family physician, or any other specialty we can assist you in accessing the appropriate retirement strategies for YOU. Planning for a retirement age that suits you is critical in ensuring you are able to retire early.
As a self-employed physician, a dentist, or a locum tenens independent contractor, building tax-advantaged retirement savings can offer a whole lot of advantages today and in retirement. Some options include Solo 401(k), SEP-IRA, or Defined Benefit Plans.
For older physicians, it’s never too late to take advantage of a backdoor Roth IRA depending on your gross income.
For most self-employed physicians and dentists, we typically recommend the Solo 401(k). This retirement account is more advantageous than the SEP-IRA and here’s why.
Both are retirement savings plans available to those who want to maximize their contributions for retirement.
Get the optimum benefit of a solo 401(k) as a physician and contribute as much as possible to secure a financially stable future for you and your family. WealthCare wants to help physicians and dentists not burn out in order to have the best in life and follow the most suitable retirement savings plan that can help them maximize future benefits.
In some cases, we review student loan planning by utilizing paydown strategies or if you’re working for a nonprofit how to take advantage of student loan forgiveness.
At WealthCare, we offer valuable insights and expert tips from a financial advisor. Just as a physician would value patient care we value our client’s best interest. For over 25 plus years WealthCare has experience working with physicians to ensure they retire comfortably.
Whether you are in private practice, part-time, self-employed, working for a healthcare provider, locum tenens, or finishing medical school you have likely realized that retirement planning is a complex topic.
| Portfolio Value | Fee |
| $0 – $1,000,000 | 1.50% |
| $1,000,000 – $2,000,000 | 1.25% |
| $2,000,000 – $3,000,000 | 1.00% |
| $3,000,000 + | ≤ 0.75% |
On average a financial plan will take approximately 5 – 15 hrs at $300/hr
Solo 401(k) Set up fee: Initial cost $1,500 with an ongoing annual fee of $199/yr.
Financial Planning Retainer: $199/m – $495/m depending on the complexity of the plan.
Schedule a complimentary review with one of our financial advisors and we will show you the best path to financial success.
| Monday – Friday | 8:30am – 6:00pm |
| Saturday | Closed |
| Sunday | Closed |
| Monday – Friday | 8:30am – 6:00pm |
| Saturday | Closed |
| Sunday | Closed |
