How should physicians adjust their investments right before retirement

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

In this episode, Nate and Ben focus on the critical topic of investment adjustments that physicians should consider as they approach retirement. They explore how these adjustments can impact financial stability and long-term goals, addressing questions commonly faced by physician families. Through personal anecdotes and professional insights, the hosts provide 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, like bonds, can help protect accumulated wealth while preparing for retirement.

2.Evaluating Retirement Accounts:

- A discussion about when to consider rolling over accounts or consolidating retirement savings occurs, highlighting the benefits of streamlined management as physicians transition into retirement.

- The hosts stress the need to assess fees and growth potential of existing retirement plans to maximize retirement readiness.

3.Proactive Tax Planning:

- The episode highlights the importance of tax strategies in retirement planning, especially regarding Roth conversions and capital gains.

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

4.Managing Extra Income:

- The importance of determining what to do with extra income as retirement approaches is discussed, advising on potential investments versus debt repayment.

- The hosts encourage listeners to consider how extra funds can be best utilized to enhance their retirement lifestyle.

5.The Role of a Financial Plan:

- Nate and Ben underscore the significance of having a comprehensive financial plan that includes not only investment strategies but also considerations for healthcare and other retirement-related expenses.

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

6.Balancing Work and Life Goals:

- The conversation touches on the balance between career aspirations and personal life, urging listeners to reflect on how their financial decisions fit into their broader life goals.

- The hosts share insights on the importance of spending 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

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