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EMERGING THOUGHTS ON “AGE-BANDING”

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A Retirement Planning Model for Doctors

[By Staff Reporters]

What it is?

Age Banding is a model for retirement planning developed by Somnath Basu PhD MBA CFP™ that may provide a new approach to retirement needs.

How it works!

The model reduces errors in estimating expenses, provides an algorithm to calculate replacement ratio, allows easier incorporation of long term care insurance benefits and significantly reduces funding needs.

Example:

For example, rather than doing a simple ratio of expected future expenses as compared to current living expenses and lumping 30 to 40 years of retirement into one big event, Dr. Basu breaks down retirement age into various groups or “bands”. It is intuitive that the more active retirement years will be early on, and that more funds allocated to spending and enjoyment should be made for the beginning retirement years.

***

Three Reasons Doctors Are Ditching Insurance And Offering Care For Cash

***

Assessment

The current investment environment of low interest rates does not favor traditional retirement advice of moving more funds into bonds because they are “safe” money.

So, coupled with Dr. Basu’s age banding approach, physicians might consider more dividend paying equities, in their portfolio, as an alternative [personal communication].

ABOUT

Dr. Basu

Somnath Basu PhD is Professor of Finance at California Lutheran University and Director of its California Institute of Finance.

Basu is involved in the National Endowment for Financial Education (NEFE), the CFP™ Board of Standards, International CFP™ Board of Standards, and the FPA.

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3 Responses

  1. Retirement

    How much should you be saving for retirement?

    http://www.msn.com/en-us/money/retirement/how-much-should-you-be-saving-for-retirement/ar-AAeh3gw?li=AA4Zjn&ocid=iehp

    Nurse Francine

    Like

  2. Saving Enough for Retirement?

    A little more than half of households are at risk of being unable to maintain their pre-retirement lifestyle in retirement, according to reports from the Center for Retirement Research at Boston College.

    http://www.msn.com/en-us/money/retirement/how-much-should-you-be-saving-for-retirement/ar-AAeh3gw?li=AA4Zjn&ocid=iehp

    A big part of the problem: lackluster savings rates.

    Ann Miller RN MHA

    Like

  3. 5 reasons doctors aren’t saving enough for retirement

    Think you’re squirrelling ample cash to live out those post-career years?

    Then you’re not alone. Just don’t bank on it definitely being the case upon reaching your mid-60’s or target retirement date. There are, in fact, several reasons that many well-compensated doctors typically do not save quite enough to last.

    Here are the five most common – according to Wes Sharp:

    http://www.medicalpracticeinsider.com/news/5-reasons-doctors-arent-saving-enough-retirement?email=%%EmailAddress%%&GroupID=90115&mkt_tok=3RkMMJWWfF9wsRouv6nPZKXonjHpfsX56O0kXK6zlMI%2F0ER3fOvrPUfGjI4ITcJgI%2BSLDwEYGJlv6SgFQ7LHMbpszbgPUhM%3D

    Oakley

    Like

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