Essentials To Planning For A Successful Retirement
- Volume 17 - Issue 3 - March 2004
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The fantasy of retirement is one which many people occasionally turn to in order to get through the difficult stretches of a workday. The warm, sandy beaches of the mind are crowded with reclining metal chairs and the residue of tropical drinks that have no name, fishing poles bent in the direction of luckless mahi-mahi, and thousands of flip-flopped feet, attached to dozing, lotioned bodies.
The reality of retirement, however, can knock the taste of salty air right out of your mouth. There are no true statistics that can tell how many of us are financially underprepared for our winter years, but rest assured there are likely more than any Gallup Poll could possibly reach. Medical practitioners also must be aware of the challenges their chosen profession poses for successful retirement planning. No one wants to work forever, but how can you tell if you have the financial wherewithal to stop working?
“Traditionally, a well-conceived retirement plan consisted of tax reduction planning, various insurance matters, investing and portfolio management, practice succession and estate planning,” explains David Marcinko, DPM, MBA, a healthcare economist.
“For modern physicians, these disciplines and many more must be incorporated into the mix, and in a managerially and psychologically sound manner that is not counterproductive to individual components of the retirement plan. As a sobering caveat, the integration of these protean disciplines is no longer an academic luxury, but a pragmatic survival imperative.”