What Do You Do About Your Job When Your Life Changes?

There are so many ways your life can take a turn, a change in direction, which sends you down an entirely different path than you were going on. What do you do with your job when this happens? You might’ve launched your career years ago and have built up a great patient base with the years ahead looking bright because of all the hard work put in.

It could be a management or ownership change that impacts the culture where the environment goes from being “the work you enjoy” to “the work that pays the bills.” In other cases it might be a business change which impacts reimbursements or how you are compensated. These are the risks of being in the business world and we are all susceptible to them.

What about a scenario where the needs of your family change. When you joined the practice you might have been single. Then got married. Had a couple of kids. Both spouses may be working and that family support which you didn’t need now becomes a “top-of-the-list” concern. How do you pivot at that point? Continue reading…


doctors life podcast

The Doctor’s Life Podcast Episode 035- Why Do Financial Planning?

If you are currently with a financial planner or not, you’ve still wondered “Why do financial planning?”. You wonder if you are maximizing your investments or even your own paycheck.

Dave Swan makes his debut on The Doctor’s Life Podcast to tell you what you should expect with financial planning and what work you need to put in to make sure your financial planning is reaching its potential. All episodes of The Doctor’s Life Podcast are available here, iTunes, Android, and on SoundCloud. Make sure to subscribe and you will be the first to get new episodes of The Doctor’s Life Podcast. Continue reading…


doctors life podcast

The Doctor’s Life Podcast Episode 034- Leaving Your Current Employer

So what happens when you decide it’s time to move on from an employer? When you have decided you’re leaving your current employer, there are many things to consider including your contract and performing a full-scale job search.

Justin Nabity is in The Doctor’s Life Podcast studio with answers to questions you will have when you are leaving your current employer. All episodes of The Doctor’s Life Podcast are available here, iTunes, Android, and on SoundCloud. Make sure to subscribe and you will be the first to get new episodes of The Doctor’s Life Podcast. Continue reading…


doctors life podcast

The Doctor’s Life Podcast Episode 033- Keep Your Spouse Involved In Your Finances

It may not be something you want to hear, but keeping your spouse involved in your finances is important. I know, I know…sometimes they are terrible with money. Or maybe they just aren’t interested in going through financial goals or looking at a present-day money situation. It is important for your family’s financial goals that they are involved. If both of you are involved, you will be directed towards one common goal.

Nick Schneider is in The Doctor’s Life Podcast studio to explain why it is important for you to have your spouse involved in your finances. All episodes of The Doctor’s Life Podcast are available here, iTunes, Android, and on SoundCloud. Make sure to subscribe and you will be the first to get new episodes of The Doctor’s Life Podcast. Continue reading…


doctors life podcast

The Doctor’s Life Podcast Episode 032- Best Locations to Practice

So where are the best locations to practice? Well, it comes down to a handful of factors, but all signs point to the same top few places.

Justin Nabity is back on The Doctor’s Life Podcast with a list of the best locations to practice and the factors you should consider if you’re looking for a new location. All episodes of The Doctor’s Life Podcast are available here, iTunes, Android, and on SoundCloud. Make sure to subscribe and you will be the first to get new episodes of The Doctor’s Life Podcast. Continue reading…


Financially Prepared Physicians

Retirement In Sight for June 2016

R E T I R E M E N T  I N  S I G H T
Presented by Nick Schneider

 

MONTHLY NEWS AND INFORMATION FOR CURRENT AND FUTURE RETIREES
 

JUNE 2016

   

One act of real usefulness is worth all the abstract sentiment in the world.

– Anne Radcliffe

    

GOLF TIP
Get the broom out

If you start topping the ball either because you are a beginner or because you have a negative “muscle memory” associated with taking deep divots, this exercise can help. Every day, take 10 golf swings with a kitchen broom. Focus on brushing the bristles against the floor and reaching and extending your left arm on the follow-through.

 

BRAIN TEASER
The Apple Wrapper Riddle.
A shop sells apples for $1 each. Each apple comes wrapped in a special wrapper. You can trade 3 wrappers for 1 apple. If you have $15, what is the maximum number of apples you can buy?*

 

DID YOU KNOW?
In the 1800s, aluminum was actually worth more than gold

Back then, it was a precious metal: coveted for its light weight, yet very difficult to produce. In 1852, usable aluminum was worth the equivalent of $1,200 a kilogram in today’s terms. By 1900, new and easy ways of creating aluminum had emerged and a kilogram of it cost less than a dollar.5

   

RETIRING WITH A COMFORTABLE LEVEL OF INCOMEIn retirement, your level of income directly affects your quality of life. How can you effectively give yourself more spending power?

From a portfolio standpoint, you can focus on income-producing investments. When you start planning for retirement, you invest with an emphasis on growth. As you transition to retirement, growth remains important – but you also need to seek investments that can potentially create ongoing income streams. In addition, you can plan to make your portfolio more tax-efficient. Too many investors pay too little attention to this factor and leave money on the table.

New retirees sometimes spend more per month than they anticipate. Retiring with an income plan outlining how much money you really need and where it will come from may help you avoid this shock. Longevity and inflation will certainly come into play. The Social Security Administration says that today’s average 65-year-old can expect to live until his or her mid-eighties; about a quarter of 65-year-olds will live past age 90. So across a 20-year retirement, your income must grow significantly to maintain your standard of living, even if inflation proves mild.1,2

HOW MUCH DO WE REALLY KNOW ABOUT ELDERCARE?

As a society, perhaps not as much as we should. In a new Associated Press/NORC poll of Americans 40 and older, 38% of those surveyed said they expected to depend on Medicare “quite a bit” or “completely” for long-term care. In truth, most long-term care is non-medical and Medicare will not pay for it. Just 20% of respondents had any form of long-term care coverage.

While 77% of survey respondents said they would want to be cared for at home if eldercare was necessary, only 18% thought they would turn to family members or friends for no-cost eldercare. The reality is different. By the estimate of the Department of Health & Human Services, unpaid caregivers deliver roughly 80% of in-home eldercare. More states may be ready to give these caregivers a financial break. Right now, California, New Jersey, and Rhode Island are the only states mandating employers to offer them paid leave – but New York will join the list in 2018, and 19 other states are considering such legislation.3

ON THE BRIGHT SIDE
You may spend less during retirement than you think you will. According to an analysis in the Journal of Financial Planning, households headed by 65-year-olds that spend $100,000 a year typically reduce their expenditures 20% by age 80.4

 


Nick Schneider may be reached at Nick@PhysicianAdvisorsLLC.com

Securities offered through Lion Street Financial, LLC. (LSF), Member FINRA & SIPC. Investment Advisory Services offered through Physician Investment Advisors, LLC. Physician Advisors and Physician Investment Advisors are not affiliated with LSF.

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty.

* TRIVIA ANSWER: Stumped? Contact me for the answer! Nick@PhysicianAdvisorsLLC.com

CITATIONS.
1 – forbes.com/sites/joeljohnson/2016/05/02/four-strategies-to-maximize-your-retirement-income/ [5/2/16]

2 – ssa.gov/planners/lifeexpectancy.html [6/9/16]

3 – nextavenue.org/expectations-long-term-care-match-reality/ [6/3/16]

4 – cnbc.com/2016/05/26/retirement-spending-good-news-at-last.html [5/31/16]

5 – todayifoundout.com/index.php/2014/05/aluminium-cost-gold/ [5/13/14]