Datafied Can Help Close Your Medical Practice While You Focus on Your Retirement Plan
Retirement is an exciting time, yet scary to plan for. How do you know if you have enough funds? Can you really live on the projected budget? What happens if you run out of money? The list of questions run on and on, but here are a few tips that can help prepare you for retirement and provide some peace of mind:
Get Ready for Medicare
Whether you are retired or not, healthcare is a huge expense in your life. Thankfully, if you’re retiring at the age 65, you’ll qualify for Medicare. This can significantly reduce your expenses and give you more discretionary funds in retirement. The important part is remembering to sign up for it! You can actually sign up for Medicare three months before your birth month, and it will kick in on the first day of that month. Waiting until after the fact will see delays that can end up increasing your premiums significantly.
Protect Your Retirement Accounts
As you get closer to retirement, you want to protect your retirement savings. Imaging having 80% of your investments in stocks and seeing a market crash like 2008 right before you retire. You could lose significant savings and that is not something you want to deal with right before retirement. In fact, if that happens you might not even be financial stable enough to retire. Be sure to shift your investments to more stable, less volatile options. A good financial advisor is key as you close in on retirement!
Try to Live on Your Retirement Budget
You think you have what you need in your savings to retire, but can you actually live off it? The best way to answer that question is to try it out. Take a few months, or six months and try to live within that specified budget. If you can’t, it might be time to revisit things with your financial planner.
Are you ready to close your medical practice and retire? Let Datafied help!
When you’re a physician, retirement isn’t as easy as informing your boss and the Human Resources Department. No, when you own your own medical practice, retirement can actually become much more complex. While your friends working for larger companies are able to focus solely on their finances and retirement plan, you are dealing with past patients, document management, vendors, landlords and administrative staff.
Thankfully, Datafied can help shoulder some of that burden and allow you to focus on your retirement planning. Through our divisions, we offer document shredding, scanning and storage solutions for physicians looking to close their practice and retire. In addition, we can also serve as your Release of Information Provider so you can simply relax in retirement. If you want to learn more, visit us on the web at Datafied.
