By David Martin, President and CEO of VeinInnovations
With a long weekend under our belts, getting back to the grind (even with a four-day week) makes us think about retirement. For medical professionals, there’s more to consider than putting money into an IRA. Here’s a helpful checklist to consider before you kick back and start to worry about how best to relax during the week.
1. Save up! It’s the most obvious, but so many of us don’t do it (or won’t save enough). Mint.com has an entire section on retirement. Not just how much to save, but where to put your money away, articles on diversification, and financial literacy articles.
2. Do you want to retire, or move on to another field in medicine? Physician’s Practice tells the story of a neonatologist who got tired of his intense ICU job, but wasn’t ready or financially able to retire yet. The doctor returned to school and switched careers for the calmer job of medical management. If your job is tiring you out, slowing down may be the way to go until you’re ready to retire for good.
3. What becomes of your patients’ medical records? If you are your own practice (say a psychologist with her own solo practice) you’ll have a lot of sensitive documents to pass on or destroy. Be thorough. Hire someone to help you go through the files if you’re overwhelmed, and get up to date on federal, state, even local laws, to ensure you close your doors the right way.
4. Taxes. Politicians bemoan our complicated tax code, and for good reason. It is really complicated. Do your own research, or hire someone to help you, but make sure you’re paying what you should. Try to get a good deal, too! For true beginners, here’s a simple starting point for research.