How should physicians adjust their investments right before retirement

Physician Family Financial Advisors Podcast; Personal Finance for Doctors with Children

Episode Overview:

In this episode, Ben Utley and Nate Reineke focus on the important topic of investment adjustments that physicians might want to consider as they approach retirement. They explore how these adjustments could affect financial stability and long-term goals while addressing common questions faced by physician families. Through personal anecdotes and professional insights, the hosts offer actionable advice for managing investments effectively in the years leading up to retirement.

Key Highlights:

1. Understanding Investment Strategy Shifts:

- The hosts emphasize the importance of adjusting investment strategies as retirement nears, noting that risk tolerance typically decreases with age.

- They discuss how reallocating investments to lower-risk options, such as bonds, could help protect accumulated wealth while preparing for retirement.

2. Evaluating Retirement Accounts:

- A conversation about the timing for rolling over accounts or consolidating retirement savings highlights the benefits of streamlined management as physicians transition into retirement.

- The hosts stress the importance of assessing fees and growth potential of existing retirement plans to better prepare for retirement.

3. Proactive Tax Planning:

- The episode underscores the significance of tax strategies in retirement planning, particularly regarding Roth conversions and capital gains.

- Families are encouraged to evaluate their tax situations and adjust their withdrawals or contributions accordingly to optimize potential tax outcomes.

4. Managing Extra Income:

- The discussion includes considerations for how to manage extra income as retirement approaches, advising on options such as investments versus debt repayment.

- The hosts suggest thinking about how additional funds could be used to enhance retirement lifestyle.

5. The Role of a Financial Plan:

- Ben and Nate highlight the need for a comprehensive financial plan that takes into account investment strategies along with healthcare and other retirement-related expenses.

- They advocate for regular check-ins with financial advisors to ensure alignment with retirement goals as personal circumstances evolve.

6. Balancing Work and Life Goals:

- The conversation touches on how to balance career aspirations with personal life priorities, prompting listeners to reflect on how their financial decisions fit into their broader life goals.

- The hosts share insights on the importance of spending quality time with family and enjoying experiences during the final working years.

Actionable Advice:

Get Personalized Financial Advice:

For tailored financial guidance that suits your needs, visit www.physicianfamily.com to connect with a professional advisor.

Have a Question?

Send your questions to [e-mail] or call 503-308-8733, and your query might be featured in a future episode!

Resources Mentioned:

The Overtaxed Doctor's Retirement Investing Checklist: https://www.physicianfamily.com/go

Are you getting all the tax breaks you deserve? Download your checklist here to ensure you’re maximizing your opportunities.

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