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Financial Aspects of Retirement Planning

There are no shortcuts when it comes to retirement financial planning for doctors. Key is to know the basic and plan. Statistics show that most of the people significantly underestimate how much they’ll need for retirement. Retirees are faced with a growing set of challenges, which are outside their control.

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Financial Aspects of Retirement Planning

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  1. Financial Aspects of Retirement Planning The question isn’t at what age I wantto retire, it’s at what income - George Foreman There areno shortcuts when it comes to retirement financial planning for doctors. Key is to know the basic and plan. Statistics show that most of the people significantly underestimate how much they’ll need for retirement. Retirees are faced with a growing set of challenges, which are outside their control. Some of them are:  Growing Nuclear Family system  Ever Increasing Cost  Increasing Life Expectancy  Rising Healthcare Costs & Medicare  Uncertainty of Social Security  Inordinate Aging assistants cost  Steady Decrease in Pension Coverage  Fluctuating Returns You should also do succession Planning. There are lots of conflicts relating to succession right from Stone Age. Your wealth should be successfully passed to your loved ones and heirs the way you want without too much hassle, during and after your lifetime. Retirement should be planned well in financial consultant for doctors. You can’t keep it for chances, so it the risk of doing nothing. Tax Optimization, simple investments, asset allocation and keeping healthy, disciplined approach are keys to achieve desired retirement life. Professional plan for retirement helps you breaking it down into doable steps. There are priorities 1. Accomplish the Basic Needs like a Place to live, standard utilities, transportation, Emergency Corpus, Old- Age Medical corpus and steady cash flow plan. You should be debt free when entering into retirement phase to live peacefully. 2. Equip for the unexpected: Prepare for the unexpected, which could derail your retirement plan. You should have possible protective covers like Health Insurance, Critical Ill-ness cover, Liability covers etc. Most of the covers should be taken when you are fit and healthy. 3. Securing Life Style: This is where most people fail to predict. There are things you want to have or want to do and live the retirement life the way dreamt. Every few years, unexpected things /matters are becoming integral part of life and/or treated as social status. Estate Planning: Leaving a legacy properly is the most thoughtful and considerate things you can do for yourself and for those you love. Estate Planning ensures that the Estate passes to your intended beneficiaries. Wealth Traits Financial Planners, No. 9, Maven Projects Centre, Dr. Thirumoorthy Nagar 3rd Sreet, Nungambakkam, Chennai - 600 034. info@wealthtraits.com / www.wealthtraits.com

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