Physician Retirement Planning - in the news - too!
[Reprinted from Medical News, Inc.]
By Ann Miller RN MHA
[Executive-Director]
Our ME-P Founder and Publisher-in-Chief, Dr. David Edward Marcinko FACFAS, MBA, CMP™, was recently interviewed by investigative reporter Sharon H. Fitzgerald of the Medical News magazine and newspaper for physicians. Here is a synopsis and copy of that article, along with the words of financial advisor Mr. Paul Larson, CFP™.
Physicians Have Unique Challenges and Opportunities
Physicians today “are getting squeezed from both ends” when it comes to their finances, according Mr. Larson, president of Larson Financial Group. On one end, collections and reimbursements are down; on the other end, taxes are up.
That’s why financial planning, including a far-sighted strategy for retirement, is a necessity.
CEO – Institute of Medical Business Advisors, Inc
Dr. Marcinko’s retirement investment advice - and it’s the same iMBA Inc advice he gives to anyone - is to invest first [fifteen] 15, and then [twenty] 20 percent [%], of your income in a world-wide indexed mutual fund for the next 50 [fifty] years, or so!
“We all want to make it more complicated than it is, don’t we?” he said.
Assessment
Link: http://www.medicalnewsinc.com/retirement-and-succession-planning-cms-351
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With a professional readership composed of physicians and key industry decision makers, the Medical News magazine and paper is the only local professional publication devoted entirely to healthcare issues that impact both clinical and administrative best practices. Monthly focus features on a variety of clinical and business topics allow the Medical News to zero in on medical advances, regulatory issues and innovative ways to enhance reader’s bottom line.
Conclusion
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Filed under: Alerts Sign-Up, Interviews, Investing, Media Mentions and PR, Practice Management, Retirement and Benefits, Touring with Marcinko Tagged: | david marcinko, doctors financial planning, Medical News, Paul Larson, physician investing, physician succession planning, Sharon H. Fitzgerald
Retirement Spending?
Dr. Marcinko – It’s no secret to the financial advisor community [anyone] that the baby boomers are entering the traditional age for retirement this year. En masse, their primary financial mindset must shift from a lifetime of building wealth to a relatively ill-defined but likely lengthy period of spending as much of it as is prudent … while sustaining some level of wealth in the process; especially for doctors … but how?
http://www.fa-mag.com/online-extras/7511-retirement-planning-needs-bengen-and-swenson-models.html
Good interview, BTW.
Clyde
More on 403(b) Retirement Plans
Many thanks for this article, Dr. Marcinko. Here’s more on 403(b) plans for physicians.
http://physiciansmoneydigest.com/blogs/physicians-wealth-manager/06-2011/403b-Plans-Participate-or-Not
And remember, unlike 401(k) plans, administrators of a 403(b) are not considered fiduciaries — therefore, they have no legal or ethical obligation to monitor the plans to ensure that they serve in the best interest of the participants.
Randy
How to Succeed at Succession Planning?
The above post with Dr. Marcinko was sure interesting – to physicians. But, what about financial advisors?
Bruce
Bruce,
Good point!
Financial advisors build careers advising others on how best to handle the big challenges in life. Whether that’s accumulating money for retirement, creating investment plans that balance risk tolerance with opportunities for growth or securing a sound financial future for their families.
So, here is one opinion for their succession planning.
http://registeredrep.com/first_clearing/succession-planning-success.html
Hope R. Hetico RN MHA