When your retirement is a year or so away, follow this checklist to make sure all your financial arrangements are in place:

• Review how much you'll be spending annually. You probably estimated these numbers when preparing your retirement plan, but take one final look based on your current expenses and retirement expectations. Don't wait until after you retire, when your options may be more limited. Based on this review, you might decide to postpone retirement for a couple of years, actively look for ways to reduce living expenses, or consider part-time employment.
• Calculate the value of your entire investment portfolio. You may be saving through a variety of retirement vehicles, including 401(k) plans, individual retirement accounts (IRAs), annuities, and personal investments. Review your entire portfolio, estimating how much income you can reasonably withdraw annually. After retiring, you may need to make changes to your portfolio, including reallocating some investments, deciding how to invest a lump-sum distribution, or making arrangements for monthly income distributions.
• Check with your employer about your pension plan benefits. Pension benefit choices are typically irrevocable, so evaluate those choices carefully, especially when choosing between an annuity and a lump-sum distribution. Start this process early, so you have plenty of time to review your options and to consult a professional. Ask your employer to calculate your pension based on different retirement dates. You may find that delaying your retirement by a short time will increase your benefits.
• Decide when to start Social Security benefits. Your annual statement from the Social Security Administration will estimate your Social Security benefits at age 62, full retirement age for Social Security purposes, and age 70. Several factors will impact your decision about when to start benefits, including your health, work income after retirement, other sources of retirement income, and your spouse's age and health. Apply for benefits at least three months before you expect to receive them.
• Think about working after retirement. Working, even part time, can help significantly in funding a long retirement. However, be aware that earnings exceeding certain limits can reduce your Social Security benefits if you are between the ages of 62 and full retirement age. In addition, once your income exceeds certain levels, a portion of your Social Security benefits is subject to federal income taxes.
• Make provisions for health insurance. Find out what health insurance benefits your employer provides after retirement, if any, and how much you must pay. At age 65, you'll qualify for Medicare benefits, but you'll probably want medigap insurance so you aren't unprotected in key areas. Even if you qualify for Medicare benefits, your spouse may not if he/she is under age 65.
• Review all financial matters. Review your life insurance coverage and your need for long-term-care insurance. Make sure your estate plan still reflects your wishes for your estate's disposition. Retirement is a major change in your life, so it's a good idea to review all financial areas.

Commitment to his clients’ financial needs and well being is a primary motivation for David.

The Physicians Wealth Management Group was specifically created to address and manage all of the unique financial challenges that doctors are facing both individually and through their group medical practices.

Just as most Physicians are specialists, what we have discovered is that most prefer to work with experts that not only understand their personal situation, but who also are proactive in developing and implementing the strategies required to remedy them.